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QUOTED
“It’s not about just building another city that houses people. It [has] to be themed, and it has to have a purpose. When we talk about the vision of Neom, if you look at it, it is about being the land of the future. It’s about building an economy for 100 plus years, which is driven by the sectors.” Denis Hickey, NEOM Chief Development Officer, Neom provides major update on Saudi gigaproject including 100-year timeframe for the Line [New Civil Engineer]
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TOP STORY
NEOM executives provided updates on four main projects that are part of the Neom project revealing that they are all underway, but that flagship linear city The Line will take around 100 years to complete and populate.
[more]
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MORE TOP STORYLINES
Via Ben Smith, Liz Hoffman, and Mohammed Sergie in semafor.com: Saudi Arabia’s main objective in attracting foreign investment is to unlock its labor force to develop goods and services that can compete globally, marking a shift for a kingdom known as a source of long-term capital for western companies.The kingdom has flipped the non-oil sector’s contribution to GDP to slightly over half the economy for the first time, up from 46% before the plan was announced in 2016. “The job is not done,” he said. “It’s on track. It’s gaining momentum.” Key to sustaining this progress is attracting foreign companies and capital. That track record so far has been mixed. Saudi Arabia aims to bring in $100 billion in foreign direct investment (FDI) annually by 2030, or 5.7% of GDP. FDI inflows for the first nine months of 2024 totaled $14.5 billion, just over halfway to the government’s $29 billion target for the year, according to the General Authority for Statistics.
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Via Ahmed Ghandour in leaders-mena.com: Saudi Arabia’s construction sector is experiencing a significant surge. The Kingdom awarded a staggering 314 public projects in 2024. These projects total approximately 267.8 billion Saudi riyals ($71.5 billion USD). This marks the highest annual project value since the 2020 Covid-19 pandemic. The Saudi Contractors Authority (SCA) released these impressive figures. The SCA represents a majority of construction firms within the Gulf Kingdom. April witnessed the highest project value, reaching SAR57.4 billion ($15.3 billion). January followed with projects worth SAR36.8 billion ($9.8 billion). In December, the government awarded 11 projects totaling about SAR10.5 billion ($2.8 billion). One project from December will complete in 2025, two in 2026, six in 2027, and two in 2030.
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in apnews.com: The Brazilian attacker was among the global stars who transferred to Saudi clubs in 2023 when Cristiano Ronaldo joined Al-Nassr and Karim Benzema left Real Madrid for Al-Ittihad. But unlike the latter two, Neymar was injured too often to make much of an impact in the desert kingdom after his 90 million euros ($94 million) transfer from Paris Saint-Germain. He played just seven games before Al-Hilal released him this week by mutual consent. Analysts say his exit is not likely to have a big impact on the Saudi league’s international standing as long as other big names remain. “Neymar’s departure does not damage the brand. If the other stars start leaving then it is different, but that does not look like it’s happening,” said Sasi Kumar, a former Singapore international and founder of Spain-based sports investment company 28 Ventures. “He went there, got injured and the timing was unfortunate. I am sure Hilal and other clubs will go and make more signings, as the ambitions are still there.”
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