Amidst recent murmurs of a slowdown in plans for Saudi Arabia’s ambitious NEOM megaproject, the kingdom’s Minister of Economy, Faisal Al Ibrahim, has swiftly dismissed such reports, declaring that all projects are “moving full steam ahead.”
“We set out to do something unprecedented, and we will deliver something that’s unprecedented,” asserted Al Ibrahim at the World Economic Forum’s special meeting in Riyadh. He strongly emphasized that there has been no change in the intended scale of the projects within NEOM.
While reiterating the ministry’s commitment to delivering the projects as planned, Al Ibrahim acknowledged that decisions are being made with a strategic eye on “optimal economic impact.”
“As the economy grows faster, we will pace the delivery of these projects to avoid overheating, minimizing leakage and risks,” he explained. The aim is to balance the ambitious vision with the kingdom’s wider economic goals.
In early April, Western media outlets reported a significant reduction in plans for The Line, a key part of the NEOM development. However, Al Ibrahim flatly denied such claims, stating, “For NEOM, the projects and intended scale are continuing as planned.”
He emphasized the long-term and modular nature of the NEOM project, allowing for flexibility and adaptability as the economy and investor interest evolve.
Despite the media speculation, Al Ibrahim asserted that all developments within NEOM are seeing increased investor interest. “These sectors require investment and full commitment from the government and sovereign wealth fund, but we’re seeing a surge in investor enthusiasm,” he said.
The minister emphasized the need to minimize any potential risks and maximize the positive economic impact of the NEOM project. He reiterated the government’s commitment to carefully assessing needs, returns, and economic factors to ensure the project’s success.
In conclusion, Minister Al Ibrahim’s remarks provide a clear and reassuring message that Saudi Arabia remains committed to the audacious vision of NEOM. While the pace of development may be adjusted to align with economic realities, the scale and scope of the project remain uncompromised. The ambitious plans to reshape the future of urban development on the shores of the Red Sea continue to inspire and captivate the world.
