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Tuesday May 21, 2024

Saudi Arabia desperately looking for investors to fund Neom 'The Line' project

Neom is a $500bn project in which Saudis plan to build a city in a straight line and run it using renewable energy

By Web Desk
April 23, 2024
The Line turns into a dot as Saudi cuts back project by 98.6%. — Parametric Architecture/File
The Line turns into a dot as Saudi cuts back project by 98.6%. — Parametric Architecture/File

Saudi Arabia is facing difficulties in funding its $500 billion Neom megaproject, which features "The Line" city, Business Insider reported.

And now for the first time since its construction which started in 2017, it has invited potential investors to visit the futuristic city from inside.

Neom is a $500 billion project in which Saudis plan to build a city in a straight line and run it using renewable energy.

As per reports, Neom officials also visited China and Hong Kong to court new investors. However, no details from the trip have been released.

Earlier this month, Bloomberg reported that The Line has 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 kilometres and house at least 1.5 million people.

However, due to financial constraints, now it will only be 2.4 kilometres with less than 30,000 residents.

The Neom project is also planning to raise up to $1.3 billion by issuing bonds for the first time ever.

As per reports, Neom representatives also visited Seoul, Tokyo, Singapore, New York City, Boston, Washington, Miami, Los Angeles, San Francisco, Paris, Berlin, and London.