Achi news desk-
Business Insider reported that Saudi Arabia is struggling to finance its $500 billion Neom mega-project, which includes “The Line” city.
And now for the first time since its construction in 2017, it has invited potential investors to tour the future city from the inside.
Neom is a $500 billion project where the Saudis plan to build a city in a straight line and run it on renewable energy.
According to reports, Neom officials also visited China and Hong Kong to court new investors. However, no details about the trip have been released.
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Earlier this month, Bloomberg reported that The Line was down 98.6%.
The Line, as part of Crown Prince Mohammed bin Salman’s (MBS) Vision 2030, was previously planned to cover an area of 170 km and accommodate at least 1.5 million people.
However, due to financial constraints, it will now only be 2.4 km with less than 30,000 inhabitants.
Neom Project also plans to raise up to $1.3 billion by issuing bonds for the first time.
According to reports, Neom representatives also visited Seoul, Tokyo, Singapore, New York City, Boston, Washington, Miami, Los Angeles, San Francisco, Paris, Berlin and London.
