The highly anticipated Saudi Arabia’s Neom project is likely to remain a dream as managers are reportedly finding it difficult to court investors, Quartz reported.
Over the last several years, Saudi Arabia has been working on its hugely ambitious project, which was announced as part of Crown Prince Mohammad bin Salman’s (MBS) 2030 vision.
However, after years of trying, Neom's "The Line" seems like a far-fetched reality as reports suggest that the line construction is not going well.
The first reports began speculating that due to financial constraints, MBS decided to scale down the mega-project by 98.6%.
Earlier, The line was planned to cover an area of 170 kilometres and house at least 1.5 million people, but after cutting it down, now it will only be 2.4 kilometres with less than 30,000 residents.
After this, reports began spreading that no investors were willing to invest in the $500 billion project because they didn't deem it practical.
The Business Insider reported that Neom officials have been flying all over the world, from the United States to China, to court new investors.
Also, for the first time since its construction began in 2017, it has invited potential investors to visit the futuristic city from inside.
FinMin Aurangzeb briefs Natalie Baker on the govt’s macroeconomic reform agenda, says statement
Finance Minister Muhammad Aurangzeb says Pakistan in final phase of IMF negotiations
K-Electric proposes adjusting Rs4.84 per unit relief against pending financial liabilities.
KSE-100 Index gains 795.75 points, or 0.67%, to close at 118,769.77,
Panel to recommend measures for stable sugar pricing within a month
KSE-100 Index surges by 972.93 points, or 0.83%, to close at 117,974.02
