Saudi Arabia's Neom project, a central part of Crown Prince Mohammed bin Salman’s Vision 2030 plan to reduce the kingdom’s reliance on oil, is facing significant financial and operational challenges. What was originally envisioned as a $500 billion futuristic city, showcasing cutting-edge technology, renewable energy, and sustainable living, is now expected to cost a staggering $8.8 trillion by 2080, according to recent reports. This massive cost increase has raised serious questions about whether the project is financially feasible and whether it can sustain itself in the long run.
The project includes a 170-kilometer linear city called "The Line," zero-carbon urban zones, and sophisticated infrastructure. However, it’s already dealing with delays, funding issues, and growing skepticism from both investors and analysts. Critics argue that the size and complexity of Neom, combined with global economic instability and fluctuating oil prices, create significant risks for its completion. There are also concerns about the environmental impact of building such a large-scale development in a fragile desert environment.
Despite these hurdles, Saudi officials remain committed to the project, highlighting its potential to transform the region into a global center for innovation and tourism. But as costs continue to rise and timelines stretch, there are ongoing doubts about whether Neom can live up to its ambitious goals without putting the kingdom’s financial stability at risk.