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HomeBusinessNeom’s Futuristic Vision Dims: Scale-Back Raises Questions

Neom’s Futuristic Vision Dims: Scale-Back Raises Questions

Saudi Megacity Project Downsizes Ambitions

May 10, 2024
in Business, NEOM, The Line, Vision 2030
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Saudi Arabia’s once grandiose plans for the Neom megacity have been significantly curtailed, with the projected population by 2030 now set at 300,000, a sharp decrease from the previously anticipated 1.5 million. The extensive urban development, touted as The Line, is now expected to see only a 2.4km stretch completed by the target year, calling into question the feasibility of the nation’s ambitious Vision 2030.

  • Revised goals for Neom’s population and infrastructure completion.
  • Downscaling prompts speculations on the future of Vision 2030.

Economic pressures have led to a reprioritization of the project’s scope, with the Public Investment Fund’s cash reserves dwindling to a mere $15 billion as of September 2023. Originally, the $1.5 trillion project was envisioned to span a 170km linear urban expanse, dwarfing the size of New York City by 33 times.

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When The Line was first announced in 2021, the Saudi government had high hopes of hosting 1.5 million residents by 2030; however, recent reports suggest a drastic reduction in both population and construction expectations. The reduced scale has already had tangible impacts, including workforce reductions by contractors involved in the development.

Neom is a cornerstone of Saudi Arabia’s Vision 2030, a strategic initiative aimed at diversifying the economy away from oil. The project, located in the Tabuk province, promises innovative features such as a car-free environment, a high-speed rail system, and distinctive architectural elements, including a pair of parallel, mirrored skyscrapers extending 500 meters in height and spanning 120km.

Despite the project’s downscaling, other ambitious components of Neom, such as the Oxagon floating city, a ski resort with a unique vertical village, and the Sindalah Red Sea luxury island resort, which is set to open later this year, are reportedly still progressing.

While the Public Investment Fund has yet to finalize its 2024 budget for Neom, officials assure continued support for The Line’s overarching objectives. Still, the fund’s depleted reserves raise questions about the project’s future financial sustainability.

Tags: Neom megacitysaudi arabiaThe LineUrban DevelopmentVision 2030
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