Instead of a 105-mile long The Line, only a 1.5-mile city will be built at first with remainder of the city to be built in following stages.
Saudi Arabia is altering its plans for the ambitious Neom project, people familiar with the matter told Bloomberg. The desert development project is crucial to Crown Prince Mohammed Bin Salman’s plans to move Saudi Arabia from its dependence on oil exports. However, the project’s 2024 budget is yet to be approved.
However, people familiar with the developments have now told Bloomberg that plans for the city are being scaled back, and only a mile and a half of the city will actually be built by 2030. Sources told the media outlet on the condition of anonymity that the project’s resident capacity has now been scaled down to a mere 300,000.
The impact of these decisions has been immediately observed, with at least one contractor removing workers from the construction site. TheThe estimated cost of the Neom project is about US$1.5 trillion. Funding for the project is largely coming from the Public Investment Fund , Saudi Arabia’s sovereign fund, which the Crown Prince himself controls.
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