Crown Prince MBS’s visionary giga project, Neom, is becoming more tangible as time passes, and its groundbreaking development was a key topic at the World Economic Forum in Davos. The $1.5 trillion Neom City project’s deputy CEO, Rayan Fayez, and Denis Hickey, the chief development officer for The Line, provided updates on the site that has the world split between optimists and pessimists. I count myself among the former and would love to see their words materialize into action. Witnessing Neom in the flesh, even in its incomplete state, with all its major regions, The Line, Trojena, Sindalah, and Oxagon, thriving would be nothing short of a pinch-me moment.
For now, officials have revealed that a staggering $50 billion has already been funneled into this ambitious project. They even described it as more than just a development in northwest Saudi Arabia, calling it an “economy-building exercise.” Fayez emphasized, “Neom is not a giga project or a real estate development project; Neom is an economy-building exercise, creating a region within the Kingdom and diversifying its economy.” He highlighted key economic sectors out of 15 identified sectors expected to flourish in Neom, including healthcare, manufacturing, and finance.
He also touched upon the world’s largest hydrogen project, located in Oxagon, which aims to redefine clean energy usage. Additionally, Neom signed a massive $5 billion deal with Saudi Arabia-based DataVolt to establish the first phase of a sustainable AI data center. Expected to be operational by 2028, the 1.5-gigawatt facility will be housed in Oxagon. Judging by the discussion, it’s evident that Neom City could take a century to reach full completion, especially when it comes to The Line. Hickey provided a brief update on its progress, noting that the project, set to span 170 kilometers, is being “designed while we’re building.”
Excavation work and piling are currently underway, with above-ground construction expected to commence later this year. While The Line has undergone significant downsizing, the progress remains commendable. With excavation underway, piling in place, and the foundations for the first phase being poured, it is projected to start growing vertically by the end of 2025, an impressive milestone for this audacious vision.
