Saudi Arabia's 100-Mile Skyscraper Is Turning Into a Disaster
Saudi Arabia's Ambitious 100-Mile Skyscraper Faces Harsh Realities
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Saudi Arabia's 100-Mile Skyscraper Is Turning Into a Disaster
Saudi Arabia's Ambitious 100-Mile Skyscraper Faces Harsh Realities
Saudi Arabia's visionary megaproject, Neom, once hailed as the pinnacle of futuristic urban design, is now grappling with staggering financial and logistical setbacks. The crown jewel of this development, The Line—a pair of 1,600-foot skyscrapers stretching up to 106 miles—has seen its budget projections skyrocket, revealing deep cracks in the ambitious plan.
A Dream Inflated Beyond Reality
Originally pitched as a utopian city rising from the desert, Neom’s financial burden has spiraled out of control. According to The Wall Street Journal, the estimated cost to fully realize the project by 2080 has surged to an astronomical $8.8 trillion—a figure more than 25 times Saudi Arabia's annual budget.
An audit report has uncovered evidence of financial manipulation, with officials allegedly distorting figures to mask the project's soaring costs. Consultants were reportedly directed to artificially inflate projected revenues, hiking up hotel rates to implausible levels—one hiking lodge saw its price leap from $489 to $1,866 per night, while a glamping site’s rate shot from $216 to $794.
Cracks in The Line’s Foundations
The most striking symbol of Neom’s struggle is The Line, once envisioned to redefine urban living. Originally planned to span 100 miles, recent revisions suggest a drastic scale-back, with initial construction now targeting just 1.5 miles by the next decade. Even proposals to reduce the height of the towers from 1,600 feet to 1,000 feet were fiercely opposed by Crown Prince Mohammed bin Salman.
Despite mounting skepticism, officials insist progress is on track. Denis Hickey, head of The Line’s development, optimistically stated, “We’ll start to go vertical—hopefully—by the end of this year.”
A Project on Shaky Ground
Adding to the turmoil, Neom’s former CEO, Nadhmi al-Nasr, resigned in November following damning allegations that tens of thousands of foreign workers had already perished during construction. Leadership instability, combined with spiraling costs and logistical nightmares, has cast a long shadow over Saudi Arabia’s ambitious bet on the future.
As the kingdom attempts to turn this grand vision into reality, the question remains: Is The Line a glimpse of the future, or an unsustainable illusion?
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Saudi Arabia's visionary megaproject, Neom, once hailed as the pinnacle of futuristic urban design, is now grappling with staggering financial and logistical setbacks. The crown jewel of this development, The Line—a pair of 1,600-foot skyscrapers stretching up to 106 miles—has seen its budget projections skyrocket, revealing deep cracks in the ambitious plan.
A Dream Inflated Beyond Reality
Originally pitched as a utopian city rising from the desert, Neom’s financial burden has spiraled out of control. According to The Wall Street Journal, the estimated cost to fully realize the project by 2080 has surged to an astronomical $8.8 trillion—a figure more than 25 times Saudi Arabia's annual budget.
An audit report has uncovered evidence of financial manipulation, with officials allegedly distorting figures to mask the project's soaring costs. Consultants were reportedly directed to artificially inflate projected revenues, hiking up hotel rates to implausible levels—one hiking lodge saw its price leap from $489 to $1,866 per night, while a glamping site’s rate shot from $216 to $794.
Cracks in The Line’s Foundations
The most striking symbol of Neom’s struggle is The Line, once envisioned to redefine urban living. Originally planned to span 100 miles, recent revisions suggest a drastic scale-back, with initial construction now targeting just 1.5 miles by the next decade. Even proposals to reduce the height of the towers from 1,600 feet to 1,000 feet were fiercely opposed by Crown Prince Mohammed bin Salman.
Despite mounting skepticism, officials insist progress is on track. Denis Hickey, head of The Line’s development, optimistically stated, “We’ll start to go vertical—hopefully—by the end of this year.”
A Project on Shaky Ground
Adding to the turmoil, Neom’s former CEO, Nadhmi al-Nasr, resigned in November following damning allegations that tens of thousands of foreign workers had already perished during construction. Leadership instability, combined with spiraling costs and logistical nightmares, has cast a long shadow over Saudi Arabia’s ambitious bet on the future.
As the kingdom attempts to turn this grand vision into reality, the question remains: Is The Line a glimpse of the future, or an unsustainable illusion?
#MGXBinanceInvestment
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