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Tuesday May 21, 2024

Saudi Arabia's Neom 'The Line' to continue as planned, no change in size

Neom officials reject claims of Saudi Arabia mega project being scaled down

By Web Desk
May 03, 2024
Saudi Arabia finally secures funding for Neoms The Line. — Parametric Architecture/File
Saudi Arabia finally secures funding for Neom's 'The Line'. — Parametric Architecture/File

Saudi Arabia Neom officials have finally responded to claims suggesting that “The Line” has been scaled down, Unilad reported.

'The Line' city is part of Crown Prince Mohammad bin Salman’s 2030 vision aimed at diversifying Saudi Arabia’s economy and reduce its dependence on oil.

Reports first began emerging after Bloomberg suggested that, due to financial constraints, Neom officials had decided to scale down the project by 98.6%.

However, Saudi Arabia's Minister of Economy and Planning Faisal Al Ibrahim said in an interview with CNBC: "There is no change in scale. It is a long-term project that's modular in design."

Ibrahim did not mention any timeframe as to when the project would finish.

He also said that "all projects are moving full steam ahead," adding, "We set out to do something unprecedented, and we're doing something unprecedented, and we will deliver something that's unprecedented."

In addition, as per reports, The Line has also finally managed to secure a new revolving credit facility (RCF) worth SAR 10 billion ($2.667 billion), which will help support short-term financing requirements as Neom moves forward with the development of major projects, including Trojena, The Line, Oxagon, and the soon-to-open luxury island destination Sindalah.