• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject

1 year ago
in Business, Economy, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
77
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

MTN Nigeria Now the Most Capitalized Stock in Nigeria

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject

Saudi Arabia took its Neom road show to China amid speculation about the scope of the project and its finances.

Neom officials visited Beijing, Shanghai, and Hong Kong last week to court Chinese investors and shed more light on the mysterious megacity.

While no deals have been announced, one attendee told Agence France-Presse that the exhibition helped make Neom “less mysterious.”

That observation came from Leonard Chan, the chair of the Hong Kong Innovative Technology Development Association who also told the news agency that reactions to the ambitious project at an invitation-only reception were “mostly neutral.”

Chan may not be first in line for The Line, however. “I’ll visit for fun, but I won’t live there. It’s like something out of ‘SimCity,'” he told AFP.

A private showcase provided attendees with an “immersive experience” exploring The Line, a 105-mile-long futuristic city, along with Oxagon, which promises to redefine the “traditional industrial model”; Trojena, Neom’s mountain resort; and Sindalah, a luxury island in the Red Sea that opens to the public later this year, per a press release.

Neom officials did not address recent reports that plans for the hugely expensive desert project were being scaled back.

Earlier this month, Bloomberg reported that Saudi Arabia had significantly reduced estimates for the number of people expected to live in The Line. Officials cut the number of expected residents for the “horizontal skyscraper” from 1.5 million by 2030 to fewer than 300,000, the report said.

Tarek Qaddumi, Neom’s executive director, said that the population target of 9 million would be achieved in time, per AFP.

Representatives for Neom did not immediately respond to a request for comment from Business Insider made outside normal working hours.

Wider concerns have reportedly been raised about the trillion-dollar investments in Saudi Crown Prince Mohammed bin Salman’s Vision 2030 project.

The financial realities of the project, which could cost as much as $500 billion, have started to cause alarm within the Saudi government, Bloomberg reported. The country has also started borrowing to help fund Neom and other Vision 2030 “megaprojects,” The Wall Street Journal reported in February.

The Neom project is also planning to issue bonds for the first time, Bloomberg reported last week. The megacity project could raise up to $1.3 billion by selling Islamic bonds, or sukuk, the outlet reported, citing unnamed sources.

The Neom road show has also visited Seoul, Tokyo, Singapore, New York City, Boston, Washington, D.C., Miami, Los Angeles, San Francisco, Paris, Berlin, and London.

Source: businessinsiderafrica
Via: norvanreports
Tags: $500 billion Neom megaprojectChinaSaudi ArabiaSaudi Arabia wants China to help fund its struggling $500 billion Neom megaproject
No Result
View All Result

Highlights

Europe’s Energy Future Hinges on Global Powers

US Companies Cut Investments in China to Record Lows, Here’s Why

How AI is Rewriting and Enhancing Water Risk Management

SheFarms Broiler Edition Kicks Off in Greater Accra

PharmAccess Ghana, Healthcare Federation of Ghana sign SafeCare License Agreement; to use Newest ISQua-Certified Version 5

Tanzania Sink Burkina Faso to Delight Home Crowd In TotalEnergies CHAN 2024 Opener

Trending

Features

MTN Nigeria Now the Most Capitalized Stock in Nigeria

August 3, 2025

MTN Nigeria Now the Most Capitalized Stock in Nigeria MTN Nigeria has surged to become the most...

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

August 3, 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

August 3, 2025

Europe’s Energy Future Hinges on Global Powers

August 3, 2025

US Companies Cut Investments in China to Record Lows, Here’s Why

August 3, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.