Saudi Arabia is significantly reducing the scope and size of its ambitious Neom megaproject following a year-long internal review. According to a Financial Times report cited on Sunday, the project’s cost has been cut and its design reworked. Crown Prince Mohammed bin Salman is now pursuing a smaller development plan due to delays, rising expenses, and technical challenges. The Neom project, launched in 2017 as part of the kingdom’s economic transformation plan, spans the Red Sea coast and includes the futuristic city concept known as “The Line,” which is now being redesigned and downsized.
Sources told the Financial Times that “The Line” may be converted into a conventional project using existing infrastructure, while Neom could evolve into a data center hub as Saudi Arabia seeks a stronger role in the global artificial intelligence sector. The review comes amid lower oil prices and a government cost-cutting drive, as the country prepares for major events such as Riyadh Expo 2030 and the 2034 FIFA World Cup.
Several subprojects, including the Trojena ski resort and the Oxagon industrial zone, are being scaled back or redesigned to align with Saudi Arabia’s current economic realities.
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