Saudi Arabia’s NEOM Project Faces Major Financial Scandal
Leaked internal reports reveal financial manipulation within the NEOM project, exposing unrealistic projections and concealed challenges that could threaten its future.
Watan-Saudi Arabia’s NEOM project, launched by Crown Prince Mohammed bin Salman in 2017 as part of Vision 2030, is facing a major scandal after an internal report leaked, exposing massive financial mismanagement.
The report, prepared by internal regulatory bodies, reveals that top executives—alongside consultants—inserted unrealistic assumptions into the business plan to persuade Saudi leadership to allocate billions of dollars while concealing real challenges and actual project costs.
The document, exceeding 100 pages, was presented to the NEOM board last spring and uncovered “deliberate manipulation” by some management members, who exaggerated economic forecasts to secure massive budgets. The review confirmed that the project’s final cost could reach $8.8 trillion by 2080—more than 25 times Saudi Arabia’s annual budget—while the first phase alone requires $370 billion by 2035.
NEOM’s Grand Vision Faces Uncertain Future
Saudi Crown Prince Mohammed bin Salman’s ambitious NEOM project is under intense scrutiny following reports of financial mismanagement and unrealistic projections. Despite efforts to attract private investors, concerns about transparency and feasibility have left many hesitant.
A spokesperson for the company overseeing NEOM denied allegations of financial manipulation, insisting that “all financial procedures comply with international trade regulations.” However, recent leaks have fueled doubts about the project’s sustainability and Saudi Arabia’s ability to fulfill its long-standing promises.
Located in Tabuk along 460 km of the Red Sea coast, NEOM was envisioned as a city of the future, but emerging challenges suggest a starkly different reality. Will Mohammed bin Salman manage to salvage his dream, or is NEOM destined to become yet another abandoned megaproject?
