“The delay, or rather the extension, of some projects will serve the economy.”
Saudi Arabia is reportedly scaling back its ambitions for the NEOM desert development project, with plans for fewer residents and reduced completion expectations by 2030 due to
Crown Prince Mohammed intended for NEOM, estimated to be worth $1.5 trillion, to be a showpiece that would transform his country’s economy and serve as a testbed for technologies that could revolutionize daily life.Along with The Line, NEOM’s plans included an industrial city, ports, and tourism developments. It’s also set to host the Asian Winter Games in 2029 at a mountain resort called Trojena, Bloomberg reported.
Officials initially planned for The Line to span 170 kilometers along the coast but now anticipate completing only 2.4 kilometers by 2030However, NEOM’s main success so far has been the development of a more than $8 billion project to build solar and wind farms that will be used to create so-called green hydrogen, as per Bloomberg.
Lining up equity offerings in its portfolio companies involves preparing to sell ownership stakes, or equity, in the companies that the PIF holds within its investment portfolio. This typically involves planning initial public offerings or secondary offerings of shares to investors in order to raise capital or monetize investments. By arranging these equity offerings, the PIF aims to generate liquidity and potentially realize gains from its investments.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trump's Lawyer Won't Deny If He's Asked Russia, Saudi Arabia For Bond MoneyRyan is a national reporter at HuffPost -- one of few who have the good fortune to work from the site's Denver office.
Read more »
Houthis Warn Saudi Arabia of Retaliation If It Backs US AttacksThe Yemen-based Houthi militants renewed their threats against Saudi Arabia, warning it not to support US strikes against the group.
Read more »
Khamzat Chimaev vs. Robert Whittaker to Headline UFC Saudi Arabia on June 22The Ultimate Fighting Championship’s inaugural visit to Saudi Arabia will have a marquee bout at the top of the bill.
Read more »
Muslims spot Ramadan crescent moon in Saudi Arabia, meaning month of fasting starts Monday for manyOfficials saw the crescent moon Sunday night in Saudi Arabia, home to the holiest sites in Islam, marking the start of the holy fasting month of Ramadan for many of the world's 1.8 billion Muslims.
Read more »
Muslims spot Ramadan crescent moon in Saudi Arabia, meaning month of fasting starts Monday for manyDUBAI, United Arab Emirates (AP) — Officials saw the crescent moon Sunday night in Saudi Arabia, home to the holiest sites in Islam, marking the start of the holy fasting month of Ramadan for many of the world's 1.8 billion Muslims.
Read more »
Saudi Arabia Is in Talks to Add Top Wall Street Banks to Aramco Share SaleSaudi Arabia is in talks to add top Wall Street banks for a secondary share sale in oil giant Aramco, as it pushes ahead with one of the largest stock offerings in recent years, people with knowledge of the matter said.
Read more »