Saudi Arabia’s $1.3 Trillion Vision 2030 Investment

Neom and The Line face challenges amid ambitious development plans

Saudi Arabia continues to invest heavily in Neom, its ambitious desert megacity. The country’s Vision 2030 projects have now surpassed $1.3 trillion in value, according to Bloomberg.

Since launching Vision 2030, Saudi Arabia has funneled $1.3 trillion into real estate and infrastructure, with a 4% increase in project volume over the past year, as reported by Knight Frank. A significant portion of this investment has been directed towards Neom, including $28.7 billion for its various developments, such as the futuristic city known as The Line.

The project’s staggering costs have raised concerns within the Saudi government. Initially estimated at $500 billion, planners now consider this figure unrealistically low, with some projections reaching up to $1.5 trillion.

Neom has faced several challenges, including difficulties in attracting the necessary foreign investment. Earlier this year, the kingdom reportedly scaled back some plans for The Line, initially designed to house 9 million people by 2030, now revised to fewer than 300,000.

Despite public assurances that the project is on track, there are private reports suggesting that the Crown Prince may be open to reevaluating Vision 2030’s ambitions. Neom representatives did not immediately respond to requests for comment.

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