After spending 50 billion Details of the halt of Saudi Arabia s NEOM project

The Wall Street Journal reported on Thursday that construction work on Saudi Arabia’s giant NEOM project has largely halted, after the project’s broad ambitions collided with huge costs and increasing financial pressures.
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The newspaper explained in its report that Saudi Arabia has spent more than $50 billion on the project launched by Crown Prince Mohammed bin Salman, which aimed to create a massive futuristic city in the Tabuk region in the northwest of the Kingdom, as part of Vision 2030 plans to diversify the economy and reduce dependence on oil.
According to the newspaper, the project’s slowdown has left huge incomplete structures and facilities in the desert, while the Kingdom continues to spend billions of dollars to address contracts and obligations associated with the project.
The Wall Street Journal based its assessment on internal documents and satellite images to track the project’s implementation phases and the decline in work pace, indicating that the implementation reality revealed a large gap between the ambitions promoted for NEOM and the actual costs of completing it.
The newspaper examines the project’s future after a large part of construction work has halted, and whether Saudi Arabia will reprioritize and resize it in light of increasing financial pressures and costs associated with existing contracts.
The NEOM project is one of the most prominent projects of Saudi Vision 2030 and a symbol of the Kingdom’s ambitions to reshape its economy and cities. However, the implementation path is now facing increasing challenges related to financing, feasibility, and the timing of completing mega-projects.