Saudi Arabia facing difficulties in funding its $500 billion Neom megaproject

Saudi Arabia’s $500 billion Neom megaproject, which includes “The Line” city, is facing funding issues.

Additionally, it has invited potential investors to see the inside of the futuristic city for the first time since it began building in 2017. The $500 billion Neom project aims to develop a straight-line city powered by renewable energy.

Neom representatives reportedly traveled to China and Hong Kong to woo fresh investors. But no information about the trip has been made public.

Earlier this month, Bloomberg reported that The Line had been cut short by 98.6%.

Before, The Line, as part of Crown Prince Mohammad bin Salman’s (MBS) 2030 vision, was planned to cover an area of 170 kilometers and house at least 1.5 million people.

However, because of budgetary limitations, it will now only have 2.4 kilometers and fewer than 30,000 people living in it. Additionally, the Neom initiative intends to issue bonds for the first time to generate up to $1.3 billion.

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Reportedly, officials of Neom also traveled to Seoul, Tokyo, Singapore, New York City, Washington, Miami, Los Angeles, San Francisco, Paris, Berlin, and London.