The Saudi government recently revealed that it would be scaling back on its ambitions for Neom, Crown Prince Mohammed bin Salman’s ambitious new development project. Although the Saudi government had originally hoped to have 1.5 million residents living in The Line by 2030, officials recently suggested that the sprawling city of mirror-clad skyscrapers’ population will only be around 300,000 by this time.
The Line’s construction has been planned in phases, the vast development ultimately covering a 170-kilometer stretch of desert running along the Saudi coastline. Insiders now predict that just 2.4 kilometers of this project will be completed by 2030, although representatives for the Kingdom’s Public Investment Fund, the public entity funding the project, have declined to comment on this assessment.
A testbed for advanced technologies
Following the Red Sea coast, Neom is intended to transform Saudi Arabia’s economy by establishing the country as a testbed for advanced technologies that could revolutionize daily life. Along with The Line, the Saudi government’s plans for Neom include ports, tourism developments, and an industrial city. In addition, the vast project includes construction of a mountain resort, Trojena, set to host the Asian Winter Games in 2029. The development also includes plans to transform a Red Sea island into Sindalah, a luxury tourist destination scheduled to open later in 2024.
The Line was billed as a glass-walled city of the future, forming the ambitious centerpiece of Crown Prince Mohammed bin Salman’s bold plans for a shift away from oil dependency. The project was pitched as a reinvention of urban design, created to be completely car-free, connected by one of the fastest trains in the world. Promotional presentations painted a picture of a space age city hundreds of meters wide running from the mouth of the Gulf of Aqaba all the way inland to Tabuk province, this linear city touted as the future of accessible urban planning, with every amenity residents could wish for within easy walking distance, the city connected to others via a high speed rail network.
A hub for impactful investment
Intended as a hub for impactful investment that will shape the global evolution of sustainable urban living, Neom is a development created with ESG principles front and center. The Saudi government’s ultimate goal for the project is to build a future-first society and economy, fostering fresh solutions and unrestricted thinking driven by the world’s most talented innovators. Part of the Saudi government’s plans involve moving climate tech from the lab to reality, providing tangible solutions to mitigate CO2 emissions that have now reached record levels. The Saudi government hopes to establish Neom as a climate tech hub, attracting innovators and investors from all over the world.
According to a report by Luxury Launches, construction costs for Neom have skyrocketed, with the cost of developing Trojena alone doubling to $38 billion, making it the world’s most expensive Winter Games venue. Situated in the picturesque mountains of the Tabuk region, the year-round ski village will cover an area 33 times the footprint of New York City, the price of Crown Prince Mohammed bin Salman’s ambitious project continually rising. As of May 2024, development of the stellar ski resort was already well underway, the venue set to host the prestigious Winter Olympics in 2030. Nevertheless, the cost has proven exceptionally high, with construction experts warning that costs will only escalate over time.
John E. Fernandez is a professor in MIT’s department of architecture. In an interview with the Wall Street Journal, he suggested that the Neom development project is battling against the entire history of how cities are founded and grown. Covering a hundred miles, The Line will stand 1,640 feet tall at its highest points, providing over 7 billion square feet of floor space, 29% more than all the buildings in New York City combined. However, experts suggest that, to date, construction has been somewhat disjointed, The Line’s foundations laid years before architects had even finished designing the above-ground structure to assure the Crown Prince of progress, according to one newspaper.
New marina
As part of The Line, construction workers are also excavating an enormous 450-acre pit 50 feet below sea level as part of plans for a new marina. While $500 billion was originally earmarked for the entire Neom project, representing over half of Saudi Arabia’s federal budget, experts warn that costs could easily run to more than $2 trillion, a colossal figure that exceeds the GDP of Brazil.
Satellite imagery published by Newsweek in May 2024 reveals that some progress has been made towards creating this vast megacity, which is intended to incorporate a skyscraper taller than the Empire State Building, covering an equivalent length to the distance between Manhattan and Philadelphia. Completed elements include a lush golf course overlooking the Red Sea, palaces, helipads, and mega-mansions. Nevertheless, with bin Salman himself comparing the megaproject to creating the Great Pyramids of Egypt, the Public Investment Fund is exploring a range of options to raise cash for the project, which include lining up equity offerings and accelerating debt sales, Bloomberg News suggests.