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The NEOM Collapse: How Saudi Arabia Spent $50 Billion Building Almost Nothing - European Business & Finance Magazine
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The NEOM Collapse: How Saudi Arabia Spent $50 Billion Building Almost Nothing - European Business & Finance Magazine
Quick Answer: NEOM was announced in 2017 as a $500 billion futuristic megacity in northwestern Saudi Arabia, owned and funded by the Saudi Public Investment Fund under the direct authority of Crown Prince Mohammed bin Salman. By September 2025, construction on its centrepiece — The Line, a 170-kilometre linear city designed to house 9 million people — was formally suspended after $50 billion had been spent and almost nothing built. An internal a…
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