Overview

• The Public Investment Fund has tapped consulting firms to review the feasibility and costs of The Line.
• NEOM’s leadership is proposing cuts of more than 1,000 full-time positions, equal to about 20 percent of its workforce.
• Over 1,000 site-based staff could be relocated from NEOM’s Red Sea construction zone to Riyadh offices under the restructuring.
• Large portions of The Line’s construction have been frozen as the audit and strategic review proceed.
• NEOM’s projected costs have surged from $500 billion to an estimated $1.5 trillion, exacerbating pressure from falling oil revenues.