Saudi Arabia’s ambitious Neom project, envisioned as a futuristic utopia, is facing major financial and logistical setbacks. Spearheaded by Crown Prince Mohammed bin Salman, the project includes a high-tech city, a coastal resort, a ski retreat, and the centerpiece—The Line, a pair of 1,600-foot skyscrapers stretching up to 106 miles through the desert. However, a recent audit has revealed widespread financial manipulation and spiraling costs.
According to the Wall Street Journal, the estimated cost of Neom has ballooned to a staggering $8.8 trillion—more than 25 times the kingdom’s annual budget. Officials have reportedly attempted to obscure the rising expenses through questionable accounting practices. The audit found deliberate financial manipulation, with officials inflating projected revenue figures to justify the project’s cost.
For instance, the price of a room at Neom’s planned ski resort was arbitrarily increased from $489 to $1,866 per night, while a glamping site saw its rates quadruple. McKinsey consultants, who have been paid over $130 million annually for their services, have denied any involvement in financial misreporting.
The Line, initially envisioned as a 100-mile-long skyscraper, is now set to span just 1.5 miles over the next decade. Recommendations to reduce the skyscrapers’ height from 1,600 feet to 1,000 feet were dismissed by the crown prince, underscoring the project’s inflexibility despite soaring costs.
Meanwhile, the resort Sindalah remains largely unfinished, even after a $45 million launch party attended by celebrities like Will Smith and Tom Brady. Former Neom CEO Nadhmi al-Nasr resigned in November, following allegations of tens of thousands of worker deaths. Neom’s future remains uncertain, but the financial turmoil and leadership instability suggest that Saudi Arabia’s grand dream may be collapsing under its own weight.