Splashy Saudi mega-project NEOM chases Chinese funds
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The roadshow for NEOM, a Saudi megacity project, has concluded a tour in China to court Chinese investors. The project, led by Crown Prince Mohammed bin Salman, aims to create a futuristic city with a $500 billion price tag. The roadshow showcased plans for a ski resort, mirror-encased skyscrapers, and other developments. While no major deals were announced, the tour provided insight into NEOM's evolution since its announcement in 2017. Recent reports suggest that NEOM's construction and population targets are being scaled back. NEOM's executive director, Tarek Qaddumi, emphasized the project's goal of balancing nature conservation, human livability, and economic prosperity. The exhibition in Hong Kong helped make NEOM less mysterious, but reactions were mostly neutral. The Line, a centerpiece of NEOM, is a 170-kilometer-long development consisting of two mirror-encased skyscrapers. However, some attendees expressed reservations about living in The Line, comparing it to being isolated in a simulated city. Revised projections indicate that only 300,000 people will be living in The Line by 2030, far below the initial target of one million. NEOM's executive director stated that the population target of nine million will be met over time. Other elements of NEOM, such as the luxury yachting island Sindalah and the futuristic ski resort Trojena, are expected to be completed by the end of the year and before 2029, respectively. NEOM's investor roadshow has also included stops in Europe and the United States. The project is part of Saudi Arabia's Vision 2030 initiative to diversify its economy and reduce dependence on oil. Some major projects have been pushed past the 2030 timeline, and officials have indicated that projects tied to specific events, like the 2034 World Cup, will be prioritized. The Saudi government is seeking consistent and sustainable foreign investment growth from various sectors.

#SaudiArabia #Neom #CrownPrinceMohammedBinSalman #China #Investment #Megacity #Development #Vision2030

https://www.legit.ng/business-economy/economy/1588817-splashy-saudi-mega-project-neom-chases-chinese-funds/