Saudi Arabia’s economy minister, Faisal Al Ibrahim, has refuted recent reports that the kingdom’s $1.5 trillion NEOM megaproject is scaling back its plans. Al Ibrahim stated that all projects are proceeding full steam ahead, reiterating their commitment to deliver something unprecedented. He clarified that decisions are being made to ensure optimal economic impact, but emphasized that the project’s scale remains unchanged. The minister highlighted that the economy is growing rapidly, and they aim to avoid overheating by pacing project deliveries. He emphasized that the projects will be delivered in a manner that aligns with the kingdom’s priorities, promoting healthy non-oil growth. Al Ibrahim acknowledged investor interest in NEOM’s various sectors, which are being built from scratch. He emphasized that the projects will be delivered at scale and in a manner that meets their needs, returns, and economic impact, while minimizing risks. Despite reports of timeline and scale changes, Al Ibrahim assured that decisions will be made in the best interest of the projects and investors, who continue to show growing interest in NEOM’s developments.
Saudi Arabia’s NEOM Megaprojects Moving Forward Despite Reports of Scaling Back
