Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
AFP, citing a Palestinian source: This would force hundreds of thousands of displaced Palestinians into a small area near the city of Rafah, on the border with Egypt
AFP, citing a Palestinian source: 'Israel' was proposing to maintain military forces in more than 40 percent of the Palestinian territory
AFP, citing a Palestinian source: The map actually depicts redeployment and repositioning of the Israeli army rather than a genuine withdrawal
AFP, citing a Palestinian source: The negotiations in Doha are facing a setback and complex difficulties due to 'Israel's' insistence on presenting a map of withdrawal
Israeli media, citing former Aman official, reserve Colonel Jacques Neriah: Syria's transformation into a buffer zone as far as Iran is concerned changes the entire regional equation
Israeli media, citing a former security official: "Our borders" are now opposite Iraq after Syria became a buffer zone between us and Iran
Al Mayadeen's correspondent: The Israeli occupation launched more than 40 raids, in the form of fire belts, targeting Beit Hanoun; the most violent and intense since the beginning of the war
Al Mayadeen's correspondent: Israeli aircraft launched the largest waves of raids since the beginning of the war on the city of Beit Hanoun, north of the Gaza Strip
Barrack: The United States is committed to supporting that relationship between two equal and sovereign neighbors enjoying peace and prosperity
Barrack: I can assure that Syria’s leaders only want co-existence and mutual prosperity with Lebanon

Saudi Arabia puts development plans on hold amid economic revamp

  • By Al Mayadeen English
  • Source: Agencies
  • 12 Jul 2024 20:37
  • 6 Shares
2 Min Read

Neom is anticipated to be provided 20% less than its targeted budget for this year, according to sources.

Listen
  • x
  • Mirror-encased skyscrapers in the area known collectively as The Line, at the planned Neom city in Saudi Arabia, unveiled by Crown Prince Mohammed bin Salman on July 25, 2022. (Neom.com)
    Mirror-encased skyscrapers in the area known collectively as The Line, at the planned Neom city in Saudi Arabia, unveiled by Crown Prince Mohammed bin Salman on July 25, 2022. (Neom.com)

Saudi Arabia may put plans on hold and slash billions of dollars on some of its biggest development projects amid enhancements in the scale of its economic makeover.

According to Bloomberg, a government committee by Saudi ruler, Crown Prince Mohammed Bin Salman, may soon wrap up a review of mega projects, such as the desert development known as Neom, citing people familiar with the matter.

Amid its development on the Red Sea coast, Neom is anticipated to be provided 20% less than its targeted budget for this year, as per the sources, who added that even plans to launch a new airline for the area have been put on hold for now.

Other plans put on the backburner include the unannounced tourist and entertainment project Qiddiya Coast in Jeddah, which had an intended budget of $50 billion, according to the sources.

Read more: Saudi Arabia ramps up bonds to help fund MBS projects

Since 2017, Saudi Arabia has been working on developing Neom in a desert area along the Red Sea. The country has committed at least $500 billion to this project but continues to actively seek additional investments to support its development.

A significant issue in the project is the reduced estimates for the number of people expected to settle in Neom, particularly in The Line, a key component of the project. This could impact the city's viability and economic sustainability.

According to sources within the Saudi government, as cited by Bloomberg back in April this year, The Line was originally intended to accommodate 1.5 million people by 2030. However, it has since been scaled down, with plans now aiming for a population of 300,000 residents.

Additionally, the length of the innovative linear city has been reduced from an initial 170km to a mere 2.4km, amid reports that workers at the site in northwestern Saudi Arabia are being laid off.

Neom's individual projects will need around $1.5 trillion for their completion, as the Kingdom hopes to build a mountain ski resort and an artificial lake, as well as an industrial development that floats on the Red Sea. 

  • Qiddiya Coast
  • Vision 2030
  • Neom
  • Mohammed Bin Salman
  • Saudi Arabia
  • MBS

Most Read

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Major ambush in Gaza kills 6 Israeli troops, injures dozens

Major ambush in Gaza kills 5 Israeli troops, injures 14

  • Politics
  • 8 Jul 2025
Israeli soldiers are seen in Beit Hanoun ahead of an operation by the al-Qassam Brigades, undated (Al-Qassam Brigades Military Media)

'Israel' on blast as media exposes report discrepancies in Gaza ambush

  • Palestine
  • 8 Jul 2025
Yemeni air defenses repel substantial part of Israeli aggression

Yemeni air defenses confront Israeli aggression on Hodeidah

  • Politics
  • 7 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Trump announces Mexico, EU rariffs of 30%
US & Canada

Trump slaps trade partners, Mexico, EU, with 30% tariffs from Aug. 1

Deal struck to create new state of New Caledonia
Europe

France announces State of New Caledonia, except with a twist

Taiwan President Lai Ching-te, center, inspects a live-fire shooting training in Hsinchu County, Taiwan, Thursday, July 10, 2025 (AP)
Politics

US demands allies' plans in event of Taiwan war erupting

Israeli settlers kill American-Palestinian visiting West Bank
Palestine

Israeli settlers kill American-Palestinian visiting West Bank

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS