A Saudi minister has refuted rumours that Neom’s ‘The Line’ project will be scaled back from 170 kilometres to just 2.4 kilometres.
In an interview at the World Economic Forum in Riyadh, published by CNBC, Faisal Al Ibrahim, Saudi Arabia’s Minister of Economy and Planning, provided updates on this ambitious endeavour.
Al Ibrahim stated, “All projects are moving full steam ahead. We set out to do something unprecedented, and we’re doing something unprecedented, and we will deliver something unprecedented.” He stressed the commitment to continue these projects in a way that aligns with national priorities and contributes to healthy, non-oil economic growth.
He confirmed that the “intended scale” of Neom is proceeding as originally planned, though he did not provide a specific timeline. “There is no change in scale,” he clarified. “It is a long-term project that’s modular in design.”
Bloomberg and other outlets earlier in the month suggested a reduction in the scope of ‘The Line,’ citing a source familiar with Neom.
Neom, a major initiative aimed at diversifying Saudi Arabia’s economy away from oil, encompasses various projects in the Tabuk region. These include the Trojena artificial lake, The Oxagon mega port, ‘The Line,’ and multiple resort destinations, with cost estimates ranging from $1 trillion to $1.5 trillion.
It was also reported earlier this week that the Saudi government is seeking additional external investment for Neom, which has already secured $925 billion in funding managed by the Public Investment Fund (PIF), the nation’s sovereign wealth fund.
