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Saudi megacity NEOM to cost almost $9 trillion, take over 50 years to build, internal audit warns. (www.middleeastmonitor.com)

submitted 5 days ago by [email protected] to c/[email protected]

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Saudi Arabia’s construction of its megacity project NEOM is projected to cost almost $9 trillion and take over five decades to complete, an internal audit has revealed.

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[–] [email protected] 2 points 4 days ago

Compared to the initial cost of $500 billion previously set for the project’s completion, the new cost projected by the audit reaches $8.8 trillion, with the project also reportedly facing another 55 years of construction.

That's only an $8.3 trillion shortfall. They've planned for 5.7% of the needed funds. The rest should be easy to raise.

That cost amounts to more than 25 times the amount of Saudi Arabia’s annual budget, with Saudi Arabia’s sovereign wealth fund – the Public Investment Fund (PIF) – itself worth only $925 billion.

Ok. So the PIF can cover about 10% and the rest can come be setting aside 40% of Saudi Arabia's income for the next 55 years.

It's not like their income is likely to drop in that time frame. Oil isn't going anywhere.

According to the audit, there was “evidence of deliberate manipulation” by “certain members of management”.

Say it's not so!