Saudi Arabia's much-anticipated Neom project is likely to remain a dream as executives reportedly struggle to woo investors, Silica reported.
For the past few years, Saudi Arabia has been working on its hugely ambitious project, which was announced as part of Crown Prince Mohammad bin Salman's (MBS) Vision 2030.
However, after years of trying, Neom's “The Line” seems like a far-fetched reality as reports indicate that construction of the line is not going well.
Early reports began to speculate that due to financial constraints, MBS decided to scale back the mega project by 98.6%.
The line was previously planned to cover an area of 170 kilometers and accommodate at least 1.5 million people, but after its felling it will now be just 2.4 kilometers with less than 30,000 inhabitants.
After that, reports began to spread that no investors were willing to invest in the $500 billion project because they didn't think it was practical.
The Business Insider announced that Neom representatives were flying all over the world, from the United States to China, to court new investors.
Also, for the first time since its construction began in 2017, he invited potential investors to visit the futuristic city from the inside.