In response to recent allegations suggesting a significant downsizing of Riyadh’s Neom mega project, Saudi Arabia’s Minister of Economy and Planning, Faisal Al Ibrahim, has broken his silence, asserting that all projects are moving ahead at full throttle.
In an interview with the World Economic Forum in Riyadh, published by CNBC earlier this week, Al Ibrahim provided an update on the ambitious endeavor, according to reports from New Civil Engineer.
“We set out to do something unprecedented and we’re doing something unprecedented, and we will deliver something that’s unprecedented,” Al Ibrahim stated emphatically during the interview.
Addressing concerns regarding the alleged scaling back of ‘The Line,’ a core component of the Neom project, from its initial proposed length of 170 kilometers to a mere 2.4 kilometers, Al Ibrahim insisted that the “intended scale” of Neom remains unchanged.
“There is no change in scale,” he affirmed. “It is a long-term project that’s modular in design.”
The controversy surrounding the project’s purported downsizing was ignited earlier this month when Bloomberg and other media outlets reported on remarks from a source familiar with Neom. These reports indicated a drastic reduction in the length of ‘The Line.’
Neom, described as Saudi Arabia’s flagship mega project, aims to establish the kingdom as a hub for innovation and economic diversification away from its reliance on oil and gas exports. The project encompasses various initiatives in the Tabuk region, including the Trojena artificial lake, The Oxagon mega port, ‘The Line,’ and resort destinations.
With estimated costs ranging from $1 trillion to $1.5 trillion, Neom has already garnered significant investment, with $925 billion under the management of the Public Investment Fund (PIF), Saudi Arabia’s national sovereign wealth fund, as per its official website.
In light of recent developments, reports have emerged indicating that the Saudi government is actively seeking additional external investment to further bolster the Neom project’s progress.
Despite the swirling controversies and speculation, Minister Al Ibrahim’s steadfast assertion regarding the continuity and magnitude of the Neom project underscores Saudi Arabia’s unwavering commitment to realizing its vision for a groundbreaking, futuristic city.
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