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.
High-speed diesel hiked from Rs277.45 per litre to Rs283.63, says Finance Division
Market gains more than 1,300 points during intraday trade
Criticising political leadership for defaulting on critical reforms, Arif Habib says this failure perpetuated...
PM Shehbaz says prime responsibility is to work tirelessly for making new IMF deal last one in country’s history
Minister says Pakistan needs to ensure structural reforms and bring self-sustainability
Islamabad aims to reduce its fiscal deficit by 1.5% to 5.9% in the coming year, heeding another key IMF demand