Is Saudi Arabia’s Neom Project Too Ambitious?
29th October 2022
Earlier this year, Saudi Arabia announced plans to dedicate an $80 billion fund to develop the Neom megaproject, aimed at establishing a futuristic living space in the northwest of the country. This forms part of Saudi Arabia’s Vision 2030, which aims to diversify the national economy and make the country less reliant on its oil revenues. Saudi Arabia plans to develop Neom as a mega clean-energy city on a plot of land the size of Belgium. The space is expected to eventually become self-sufficient and provide a return on investment of between 13 and 14 percent. It will have no cars, roads, or greenhouse gas emissions and will be powered by 100 percent renewable energy, with 95 percent of the land being preserved for nature.
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The much-talked-about Neom project will see the 10 regions developed in the northwest of Saudi Arabia. The most ambitious project is called ‘The Line’, two parallel skyscrapers aimed at housing 9 million people, a 170-kilometre building that juts into the Red Sea but is just 200 metres wide. What it lacks in width it makes up for in height at a staggering 500 metres tall, complete with a mirrored facade. If successful, this structure will be a major feat of engineering. The development will also include Oxagon, an industrial city with a manufacturing hub centred around tech industries, to be built on the sea and the mountainous region of Trojena. Neom will include a residential area, an industrial city, and a mountain tourism destination.
The project has the further advantage of cutting through major areas that are the traditional home of the Howeitat, long-time enemies of the Saudi royal family.