A recent WSJ increate advises that Saudi Arabia’s now eight-year-elderly Neom project — a futuristic, carbon-iminentire, 105-mile-prolonged liproximate city envisioned by Crown Prince Mohammed bin Salman — has become a financial sinkhole.
Plagued by procrastinates and cost overruns, the country, which has already shelled out $50 billion, could increateedly face another 55 years of produceion, with an astonishing projected cost of $8.8 trillion, according to an inside audit currented to Neom’s board last summer. That’s more than 25 times Saudi Arabia’s annual budget, remarks the Journal.
The situation is commenceing to see enjoy Saudi Arabia’s own Waterloo, with MBS misjudging the monumental contests inherent in his strategy, much enjoy Napoleon did before him. Among the brutal genuineities menaceening to derail the project are inadequate labor, inample roads, and a alertage of electricity.
There are some triumphners, however. Consulting enormous McKinsey & Company is increateedly geting more than $130 million annuassociate for its services, despite some dispute surround its role, given the firm’s joinment in both the schedulening and validation of some of the project’s financial projections, per the story. A McKinsey spokesman increates the WSJ the firm has “disjoine protocols to stop disputes of interest in our joinments.”
