The highly anticipated launch of the Port of Neom marks a significant step in Saudi Arabia’s ambitious Vision 2030 plan, designed to diversify the economy and reduce its reliance on oil exports.
The port, located in the futuristic £1.2tn mega-city of Neom, is set to become a vital hub for international trade, promising to reshape the region’s economic landscape.
Yet, the opening is not without controversy, as the project has had to be radically scaled back.
Nevertheless, the massive development, stretching across 10,200 square miles, will combine cutting-edge technology with sustainability and innovation.
The port itself will play a central role in facilitating trade and commerce, connecting the Middle East, Asia, Europe, and Africa.
By leveraging advanced logistics and state-of-the-art infrastructure, Neom aims to become a global trade centre, with high hopes of boosting Saudi Arabia’s non-oil revenue.
However, despite the opening of the Port of Neom, the entire project hasn’t gone entirely to plan.
For example, The Line – 105-mile skyscraper, lying down instead of stretching upwards – is now only going to be 1.4 miles.
Dr Frederic Schneider, an independent consultant on post-oil economic transitions in the Gulf region, told The Sun: « When Vision 2030 was first announced there was a lot of talk about that it was hugely ambitious.
« Many people from the start said, ‘okay, this is not only ambitious, that’s almost impossible’.
« The Line, for example, was budgeted for 500 billion. Estimates go up fourfold that cost if you are realistic. So that would be 2 trillion for the line alone. »
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