World's Biggest Construction Site Shows Signs of Trouble
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources.
Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content.
Authorities working on the largest construction site in the world have begun to review the scope and feasibility of the "gigaproject."
Aiman al-Mudaifer, who took over as Neom's CEO after the resignation of Nadhmi al-Nasr last year, launched a "comprehensive review" into Neom's scope this week, according to a report in the Financial Times.
Newsweek has contacted Neom for more information via email. Newsweek has been unable to independently verify the report.
The Context
Neom is the flagship element of Vision 2030, Saudi Arabia's strategy to diversify its economy away from oil dependence. The Line, the most ambitious piece of Neom, was unveiled as a pair of parallel 500-meter-tall skyscrapers stretching through the desert, with infrastructure, residences and public places all sandwiched within a 200-meter width.
While Saudi officials continue to promote the Line as a revolutionary project, its progress and scale have drawn scrutiny, especially over allegations of migrant worker abuse on the construction site.
What To Know
The main elements of the project are being "reviewed in terms of their scope," a person familiar with the matter told the Financial Times.
The review "is taking place in an environment of limited resources," the person continued. "Some things were done that need to be looked at again."
"There's huge pressure on Neom to deliver because it's seen as totemic—it's inextricably linked to Vision 2030," as second person said, adding, "It's an unprecedented project, not just for Saudi Arabia."
Since its announcement, Neom—and more specifically the Line—has come under criticism for an unrealistic scope and ambitious timeline.
A rendering of the Line, the flagship project at Neom, the world's largest construction site.
A rendering of the Line, the flagship project at Neom, the world's largest construction site.
NEOM
The "linear city" was originally pitched as a home to more than 1 million people, completed within a decade in time for Saudi Arabia's Vision 2030 project, which has a budget of $700 billion.
Despite $500 billion of that going toward the Line, the project has been beset with difficulties and has been scaled back to house fewer than 300,000 people, though Saudi Arabia has not acknowledged reports of the change.
Progress on the Line shows that foundation work for the structure is underway, along with electricity infrastructure in the form of large wind farms in the desert. About 2,800 staff already live and work at Neom in custom-made residences.
What People Are Saying
Giles Pendleton, the Line's chief operating officer, said in a post promoting its progress on LinkedIn: "A good snap shot of progress and a range of NEOM infrastructure projects from the water pipeline to new camps completing to massive amount of work in Oxagon harbor. ... All are going well and shows things from a very different view point from the air."
What Happens Next
The greater part of Neom, like the rest of the Vision project, is meant to be completed in time for 2030. It remains to be seen whether the results of the review will affect the project's deadline.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
42 minutes ago
- Yahoo
Middle East & Africa Industrial Gearbox Market worth $2.68 billion by 2030
DELRAY BEACH, Fla., June 10, 2025 /PRNewswire/ -- The global Middle East & Africa Industrial Gearbox Market is anticipated to grow from estimated USD 2.23 billion in 2025 to USD 2.68 billion by 2030 at a CAGR of 3.8% during the forecast period as a result of the growing demand for efficient and energy-saving mechanical power transmission in various industrial applications. The drivers of growth are the growth of primary industries like cement, mining, oil & gas, power generation, steel, and water treatment, all requiring heavy-duty and strong gear systems to sustain permanent and stringent operations. The increase in infrastructure development, manufacturing investments, and regional industrial diversification efforts, particularly Saudi Arabia's Vision 2030 and the UAE's Operation 300bn, drive demand for industrial gearboxes across segments. Introducing sophisticated, automated machinery with greater torque and speed demands is compelling the market toward high-performance and energy-efficient gearbox solutions, particularly in mining, food processing, and chemical segments. Browse in-depth TOC on "Middle East & Africa Industrial Gearbox Market" 119 - Tables 41 - Figures117 – Pages Download PDF Brochure: Parallel segment, by design, is expected to account for the largest market share during the forecast period The parallel shaft gearbox segment, owing to its design, is anticipated to account for the biggest market share within the Middle East & Africa (MEA) industrial gearbox market during the forecast period due to its high efficiency, compactness, and capability of transmitting huge torques with lesser energy loss. These gearboxes find themselves especially ideal for heavy-duty operations like use in cement facilities, mining activity, material handling, and power generation, all priority industries expanding in MEA. They are flexible enough to mount with a low footprint and capable of receiving high radial loads, which qualify them for fitment in highly space-restricted industrial installations prevalent in highly urbanized oil & gas and manufacturing units of GCC countries. In addition, parallel gearboxes' cost-effectiveness and operational longevity have rendered them a choice option for end users in Africa's emerging industrial corridors, where cost-conscious investments in machinery and infrastructure are paramount. As regional investments in renewable energy ventures, desalination facilities, and major infrastructure developments rise, demand for high-performance and scalable gearbox systems such as the parallel shaft type is anticipated to expand steadily, bolstering its position in the MEA industrial gearbox market. Helical segment, by type, is expected to be the largest segment during the forecast period The helical gearbox segment, based on type, is estimated to dominate the Middle East & Africa (MEA) industrial gearbox market through the forecast period owing to its greater load-carrying capacity, high efficiency, and smooth torque transmission in a broad spectrum of industrial applications. Helical gearboxes are characterized by their angled teeth design, which allows for smooth engagement of the gears, thus quieter operation and less vibration, making them best suited for mission-critical applications like oil & gas, power generation, cement, steel, and food processing—all of which are experiencing high growth in MEA owing to infrastructure spending and industrial diversification. These gearboxes are especially prized in settings where round-the-clock, high-performance operations are critical, like in Saudi Arabian petrochemical plants, UAE desalination plants, and South African mining activities. Moreover, with the region's increasing emphasis on renewable energy and heavy industry, the demand for robust and energy-efficient power transmission solutions such as helical gearboxes is gaining momentum. Their capacity to manage both high-torque and high-speed conditions and lower maintenance requirements compared to other gear types further explains their popularity, placing the helical segment in a position of being the leading type in the Middle East & Africa industrial gearbox market. Saudi Arabia is expected to be the largest country segment during the forecast period During the forecast period, Saudi Arabia is predicted to be the largest country-level market during the forecast period in the Middle East & Africa industrial gearbox market due to the country's commitment to economic diversification, industrial growth, and infrastructure projects under Vision 2030. The country is looking at non-oil developments such as mining, manufacturing, water treatment, renewables, and logistics, all requiring high-torque mechanical power transmission solutions. Mega project developments such as NEOM, Qiddiya, Red Sea Project, and various smart cities and industrial area developments will lead to rapidly increasing demand for high-performing gearboxes. Gearboxes will also see increasing demand as part of the localization of industrial manufacturing, as well as implementations of smart factory automation and energy-efficient technologies. The structured investment in the country, government-supported industrial plans, and recent efforts to modernize national infrastructure position Saudi Arabia as the best opportunity for the growth of the industrial gearbox market. Key Market Players Major industry players in the Middle East & Africa Industrial Gearbox Market are Siemens (Germany), Flender (Germany), SEW-EURODRIVE (Germany), Bonfiglioli (Italy), and Sumitomo Drive Technologies (Japan). These players strategically use product development, geographic expansion, alliances, and mergers to expand their market share and respond to the growing demand in the region for high-performance gearbox solutions. With MEA experiencing high growth in industries such as oil & gas, mining, cement, water treatment, and power generation, top companies are investing in creating energy-efficient, long-lasting, and application-specific gearboxes that provide maximum torque transmission under extreme operating conditions. Companies are also emphasizing modular and customized gear solutions designed to suit varied industrial environments in countries like Saudi Arabia, UAE, Egypt, and South Africa. Request Sample Pages: Siemens Siemens (Germany), for instance, has a significant regional presence and provides gearboxes via its Drive Technology business line, serving strategic applications like cement kilns, mining conveyors, wind energy, and desalination pumps. Its products focus on low-noise, high-torque, and low-maintenance operating modes to enhance performance and lower total cost of ownership. Flender Flender (Germany) is a leading company in industrial gear units, planetary gearboxes, and couplings, with high-performance products applied in cement plants, wind turbines, conveyors, steel mills, marine drives, and mining equipment. Its gearboxes are noted for reliability, load capacity, and modular construction, which qualify them for harsh operating conditions common in African mines and Gulf desalination operations. Flender has increased its footprint in South Africa and the UAE with localized assembly, after-sales services, and spare parts warehousing. For more information, Inquire Now! Related Reports: Industrial Gearbox Market Automotive Gears Market Get access to the latest updates on Middle East & Africa Industrial Gearbox Companies and Middle East & Africa Industrial Gearbox Industry About MarketsandMarkets™: MarketsandMarkets™ has been recognized as one of America's Best Management Consulting Firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. With the widest lens on emerging technologies, we are proficient in co-creating supernormal growth for clients across the globe. Today, 80% of Fortune 2000 companies rely on MarketsandMarkets, and 90 of the top 100 companies in each sector trust us to accelerate their revenue growth. With a global clientele of over 13,000 organizations, we help businesses thrive in a disruptive ecosystem. The B2B economy is witnessing the emergence of $25 trillion in new revenue streams that are replacing existing ones within this decade. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we collaborate with several Forbes Global 2000 B2B companies to keep them future-ready. Our insights and strategies are powered by industry experts, cutting-edge AI, and our Market Intelligence Cloud, KnowledgeStore™, which integrates research and provides ecosystem-wide visibility into revenue shifts. To find out more, visit or follow us on Twitter, LinkedIn and Facebook. Contact:Mr. Rohan SalgarkarMarketsandMarkets™ INC. 1615 South Congress 103, Delray Beach, FL 33445USA: +1-888-600-6441Email: sales@ Our Website: Logo: View original content: SOURCE MarketsandMarkets
Entrepreneur
an hour ago
- Entrepreneur
How London Built the World's Best Legal AI Ecosystem
Self-flagellation feels part of the British psyche these days. It has become fashionable to beat down on the UK, be that tech bros calling the country a 'museum' bereft of growth and innovation, Brits en masse recently voting against the status quo, or pro-Europe Londoners watching this all play out while mouthing 'I told you so'. Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur United Kingdom, an international franchise of Entrepreneur Media. Business optimism is also plummeting. When the Financial Times reported that Shein had plans to ditch London for its IPO, they wrote that the real surprise was "that Shein had even entertained London in the first place." To compound matters, British fintech - the jewel in London's crown - was dealt a huge blow this month when UK payments darling Wise also chose to avoid listing on London's beleaguered stock market. Amidst this malaise, though, there remains one stalwart of the British economy: legal services. And not only is London's legal sector flourishing, it's leading the way in legaltech and AI. It's no secret that AI is uprooting every industry, and professional services sit squarely in its non-sentient crosshairs. Within white collar jobs, lawyers - with their repeated document creation and need for reviewing extensive reams of information - are likely to see some of the most radical change. This isn't just about efficiencies, this is a near-trillion-dollar industry in which AI could generate $100,000 in additional billable time annually per lawyer (Thomson Reuters Future of Professionals Report, 2024). So what put London in the driving seat here? Why do law firms in NYC and even investors in the Bay Area concede that London is still streaks ahead in this vertical? The answer reveals the blueprint for winning any AI transformation race. The starting point is fierce competition. In the early years of the 2010s software explosion, law firms in the City of London were large but rarely bloated. With so many great competing practices all within a mile of each other, competition was relentless. Senior Partners were already used to having to prioritise efficiency, productivity and flexibility over headcount. Then, when more serious technology solutions came onto the scene around the early 2010s (think document creation software and legal workflow tools), these same law firms were nimble enough to capitalise. Dedicated legal innovation departments were set up to try to work out how SaaS and Cloud technologies could be woven into legal work. London-headquartered, international law firm, Addleshaw Goddard, as just one example, quickly built a team of 40 legal engineers and operations staff to keep the firm cutting edge. And all this was happening while US counterparts continued with their paper and office stamps. This might seem surprising, given America's reputation as innovator-in-chief. Why did Britain get the jump here ahead of its Transatlantic cousins, who were 'moving fast and breaking things'? Crucially, the institutional players and incumbents were keen to come along for the ride. Allen & Overy (now A&O Shearman) and Mishcon de Reya, two of Britain's most established firms, both built incubator programs for startups. I vividly remember entrepreneurs from places like Singapore and Latin America moving to London to be part of FUSE, Allen & Overy's program. The Law Society of England and Wales created events and roundtables on legaltech and even partnered with startups looking to disrupt the industry. Not only did this start fostering entrepreneurial and digital talent in the London legal sector, but it also signalled to the rest of the industry that innovation was the direction of travel, whether people liked it or not. It's also worth mentioning that the regulators helped too. The UK's laws on alternative legal services providers (ALSPs) allowed for firms to be owned by non-lawyers, a practice banned in most jurisdictions, such as the US and Germany. By allowing firms to list publicly or be bought by private equity, more business minds were brought into UK law firms. This, in turn, drove innovation acceptance. The final factor for London leading the legaltech race is the company you can keep in this brilliant city. When we at BRYTER were deciding on our first international market to expand to, our core axiom was that we needed to follow our customers. London, with its parade of skyscrapers packed with lawyers, was the obvious choice. But importantly, and unlike in other European professional services hubs, we knew that just down the road in Mayfair was Europe's most mature venture capital ecosystem. London was already home to brilliant British-born funds like Balderton and Atomico, but also flourishing outposts from the American behemoths like Accel and Index Ventures, who had noticed that European startups were attractive (and cheaper) to invest in. This meshing of established law firms and venture capital led to a legal tech boom and significant exits such as HighQ (acquired by Thomson Reuters), Tessian (Proofpoint), Della (WoltersKluwer), Onfido (Entrust) and more. And, each of these liquidity moments forged a next generation of entrepreneurs and angel investors within the London ecosystem. This confluence of factors and attitudes is what London's legaltech dominance is built on. The combination of deep specialist knowledge going back centuries, open-minded institutional players, and the mixing of lawyers and VCs has set the city up to lead our industry for decades. But there's also a cautionary tale baked into this story. A warning for all the tech bros out there who see the AI-ification of professional services as the next gold rush. London's legaltech flourished because tools were built hand-in-glove with the traditional legal industry. It was always the law first, and then workflows, software and automation. For those of us looking to design the next era of the legal industry, we need to be spending as much time in the pubs of Lincoln's Inn as the boardrooms of Silicon Valley.
Business Insider
5 hours ago
- Business Insider
Stock Market News Review: SPY, QQQ Tick Higher as U.S.-China Trade Talks End, Inflation Expectations Drop
Both the S&P 500 (SPX) and the Nasdaq 100 (NDX) barely managed to finish Monday in positive territory following steep declines during the last trading hour. Confident Investing Starts Here: This morning, the U.S. and China began their second round of trade talks. At the center of discussions are China's export curbs on rare earth minerals, which are used in everything from chips to smartphones to electric vehicles. According to the Financial Times, the U.S. is considering easing restrictions on its chip exports if China agrees to increase the flow of its rare earths to the U.S. The U.S. is also considering easing restrictions on semiconductor software, aircraft parts, and ethane as it brings bargaining chips to the table. 'Our expectation is that after the handshake, then immediately after the handshake, any export controls from the U.S. will be eased, and the rare earths will be released in volume, and then we can go back to negotiating smaller matters,' said White House economic advisor Kevin Hassett. While day one of the discussions, which lasted roughly six hours, has ended, the negotiations will continue tomorrow morning. Treasury Secretary Scott Bessent described the conversation as a 'good meeting' while Commerce Secretary Howard Lutnick characterized it as 'fruitful.' Both men didn't provide any further details. President Trump said that the talks went well and that China should open itself up for trade. Meanwhile, inflation expectations are falling across the board. After rising to 3.6% in April following President Trump's reciprocal tariffs, the one-year inflation expectation for May dropped to 3.2%, according to the New York Fed's May Survey of Consumer Expectations. Long-term inflation expectations fell too, with the three-year at 3.0% and the five-year at 2.6%, down by 0.2% and 0.1%, respectively. On top of that, the corporate earnings growth outlook is rising, with the median one-year-ahead earnings growth expectation increasing by 0.2% to 2.7%. The S&P 500 ended the trading session with a 0.09% gain while the Nasdaq 100 fared slightly better with a 0.17% rise.
