Saudi Arabia Scales Back NEOM Project Plans

Saudi Arabia is scaling back its ambitious NEOM gigaproject, focusing instead on elements necessary for hosting global sporting events over the next decade, following the unexpected departure of its CEO. Crown Prince Mohammed bin Salman has invested heavily through the Public Investment Fund, but low oil prices are forcing a reassessment of priorities. NEOM, envisioned as a Red Sea urban hub to support the Vision 2030 initiative, is now concentrating on completing a 2.4 km stretch of 'The Line' which includes a stadium for the 2034 World Cup final. Initially projected costs for NEOM reached $500 billion, but recent estimates for 'The Line' alone exceed one trillion dollars, prompting the redesign of plans. Despite the focus on sports venues, future developments within NEOM remain under evaluation as the kingdom attempts to diversify its economy away from oil dependency.