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Saudi Arabia downscales plans for $1.5 trillion Neom desert project

Saudi Arabia downscales plans for $1.5 trillion Neom desert project

Posted on April 15, 2024 |

Saudi Arabia adjusts its Neom desert development goals, a key component of Crown Prince Mohammed bin Salman’s economic diversification plans.

Previous projections of 1.5 million residents in The Line have been revised down to fewer than 300,000 by 2030.

Construction of The Line will progress gradually, with only 2.4 kilometers expected to be completed by 2030 due to scaled-back ambitions.

One contractor has already begun reducing its workforce in response to these adjustments.

Concerns about finances arise as the kingdom's sovereign wealth fund has yet to approve Neom's budget for 2024.

Notable progress is seen in Neom's $8 billion project for solar and wind farms, crucial for producing green hydrogen and reducing oil dependence.

Saudi Arabia aims to become a leading global producer of green hydrogen, aligning with efforts to diversify the economy.

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