Cancellation in March of several contracts by Saudi Arabia’s high-profle NEOM development—a key component of its Saudi Vision 2030 program—signals that the estimated $500-billion megaproject is being recalibrated as several news reports released earlier this year have suggested.
NEOM was launched in 2017 as a futurist development in the northwestern Tabuk region of Saudi Arabia along the northern Red Sea coast. The project, which is owned by Saudi Arabia’s Public Investment Fund, is the ultra-modern brainchild of Saudi Crown Prince…
