Financial Times: The famous project of Saudi Arabia is shrinking – Mehr News Agency | RCO News Agency

According to the Mehr news agency, the Financial Times newspaper reported that knowledgeable sources announced that Mohammed bin Salman, the Crown Prince of Saudi Arabia and the head of the Neom project administration council, is thinking of a much smaller project than the original scale, and this issue is an official admission that the Neom project has failed both at the level of idea and at the level of implementation.

According to this report, the Neom project, which was supposed to be established along the coast line of the Red Sea located in the northwest of Saudi Arabia, in an area equal to the area of ​​Belgium, and was considered one of the main pillars of the country’s 2030 economic vision, has not been operational after years due to heavy costs.

Sources informed that this project is becoming a regional project based on artificial intelligence and that Saudi Arabia is looking to review its financial priorities in light of the drop in oil prices and other financial expenses, including hosting the 2030 Expo and the 2034 World Cup.

Since 2017, when it officially announced its existence, the Neom project has faced many doubts inside Saudi Arabia and abroad regarding the chances of being operational.