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HomeBusinessSaudi Arabia Moderates Vision for ‘The Line’ Megacity

Saudi Arabia Moderates Vision for ‘The Line’ Megacity

Project Delays and Funding Woes Hinder Neom's Progress

May 10, 2024
in Business, NEOM, The Line, Vision 2030
Reading Time: 2 mins read
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Recent reports highlight that Saudi Arabia has tempered its high-reaching objectives for a state-of-the-art megacity dubbed ‘The Line,’ grappling with postponements and financial uncertainties that cloud the project’s future.

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‘The Line’ constitutes a pivotal segment of the expansive ‘Neom’ initiative. This undertaking aligns with Saudi Arabia’s Vision 2030, a strategic framework that aims to wean the nation’s economy off its oil dependency. Given the kingdom’s prominence as a major oil exporter, the transition to a more diversified economic landscape is crucial as global trends shift away from fossil fuels. In line with this vision, a number of transformative projects were slated for completion by the end of the decade.

As the flagship venture of Neom, ‘The Line’ is envisioned as a 105-mile linear urban expanse cutting through the desert. This innovative habitat promises a vehicle-free environment, cutting-edge technological integration, rapid transit systems, and vertical construction mirroring the height of iconic skyscrapers. ‘The Line’ is designed to ultimately accommodate a population of nine million.

The overarching Neom project carries an estimated price tag of 1.5 trillion USD, with development phased over time. While certain components of Neom are reaching fruition, ‘The Line’ lags behind in this race to modernity.

Initial ambitions to house 1.5 million residents in ‘The Line’ by 2030 have been significantly downsized. Current projections estimate that only a 1.5-mile section will be completed by the target year, suitable for roughly 300,000 inhabitants.

A confluence of challenges has beset ‘The Line,’ such as frequent leadership turnovers and ambiguous funding prospects. These issues have prompted at least one contracting firm to reduce its workforce assigned to the project.

The initial phase of Neom is expected to incur costs of 320 billion USD by 2030, with the Saudi Public Investment Fund (PIF) earmarked to finance half. However, the PIF’s liquidity is at its nadir since 2020, amassing just 15 billion USD as of September 2023, sparking concerns that Neom’s ambitions might exceed its fiscal grasp.

Amid these financial strains, ‘The Line’ has drawn skepticism for its feasibility. Critiques include former personnel who have described the project as ‘untethered from reality.’

Tags: economic diversificationNeom Projectsaudi arabiaThe LineVision 2030
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