Saudi Arabia Affirms Commitment to $1.5T NEOM Megaproject Despite Financial Concerns

Economy Minister Faisal Al Ibrahim confirms that all projects within the ambitious NEOM development are progressing as planned, aiming for completion by 2030.

• Saudi Arabia's NEOM megaproject, valued at $1.5 trillion, is reportedly on track, with no plans for scaling back despite earlier rumors and financial worries.
• The futuristic city, part of the Vision 2030 initiative, aims to house 9 million people and includes innovative structures like a 500-meter tall city and an upside-down skyscraper.
• Officials emphasize the project's modular design and growing investor interest, countering reports of possible downsizing due to financial strains.
• The Saudi government has secured a $2.7 billion credit line to support NEOM's development, indicating strong backing for the project's continuation.
• Adjustments to the broader Vision 2030 plan are acknowledged, but the core projects of NEOM, including The Line and Sindalah, are set to proceed as envisioned.

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