NEOM's Ambitions Trimmed: Saudi Arabia Prioritizes Global Sporting Events

Saudi Arabia's NEOM project, part of the Vision 2030 plan, is being scaled back focusing on elements crucial for hosting global sporting events due to rising costs and economic constraints. Amid leadership changes, priorities include hosting the 2034 World Cup final and the 2029 Asian Winter Games.

Saudi Arabia is prioritizing key components of its ambitious NEOM gigaproject, primarily focusing on aspects essential to hosting global sporting events over the next decade. This shift comes in response to escalating costs and follows the sudden departure of the project's CEO, multiple sources told Reuters.

NEOM, a central pillar of Crown Prince Mohammed bin Salman's Vision 2030, was initially envisioned as a massive urban and industrial development. However, economic challenges stemming from low oil prices have led to a reduction in its original scope. The project is now focused on completing a stadium for the 2034 World Cup final and a mountain resort for the 2029 Asian Winter Games.

Amid speculation about leadership changes and strategic realignments, NEOM faces tight deadlines and logistical hurdles. Sources indicate that the recent departure of long-time CEO Nadhmi al-Nasr reflects internal challenges in meeting ambitious project targets.

(With inputs from agencies.)