
Satellite Images Show Giant Port Emerge at World's Biggest Construction Site
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.
Satellite imagery showed advances in construction of Oxagon, a floating industrial complex that is a key component of Saudi Arabia's Neom, currently the world's largest construction site.
Newsweek has contacted Neom for comment.
Why It Matters
The new port city has a strategic location in one of the world's busiest maritime trade routes connecting Asia, Africa, and Europe. Neom is the flagship element of Saudi Arabia's Vision 2030 aimed at diversifying its economy away from oil dependence. Oxagon, The Line and the Trojena Ski resort are among its most ambitious pieces.
Neom has recently announced several progress reports, with a new CEO now in charge of resolving the project's budget overruns and delays amid multiple simultaneous, ambitious, and costly projects.
What To Know
Images captured by the Copernicus Sentinel-2 satellites showed rapid progress made on Oxagon city and port, set to become one of the world's most advanced port terminals, the facility lies on the Red Sea in northwestern Saudi Arabia.
Drag slider
compare photos
The Port of NEOM has received Saudi Arabia's first fully automated, remote-controlled cranes, marking a key step in boosting Red Sea trade, automation, and tech-driven job creation, the company announced this week on LinkedIn.
The Red Sea corridor is a major shipping route linking Asia via the Indian Ocean, to Europe and Africa via the Suez Canal. Oxagon's proximity to the canal, which facilitates almost 12% of global trade, provides it with a strategic edge, according to Blackridge Research & Consulting, an Indian-based specialized market research firm.
The port is part of an envisioned cutting-edge industrial city which will fully rely on renewable energy and aims to host some 90,000 inhabitants by 2030, according to the government's vision.
Update🚨: Recent images posted by Giles Pendleton (Chief Operating Officer THE LINE at NEOM | Chief Development Officer) of Oxagon, showing immense progress in infrastructure works + Oxagon village is about to have more construction work coming as the site being prepared. pic.twitter.com/pRnHgESy0J — Saud (@Saudfromabove) April 13, 2025
Saudi Arabia's Crown Prince Mohammed bin Salman had announced the establishment of Oxagon in 2021. "It will contribute to Saudi Arabia's regional trade and commerce, and support creating a new focal point for global trade flows," Al-Arabiya's English website quoted him as saying.
Neom's Green Hydrogen Company (NGHC) is developing the world's largest green hydrogen facility—a $8.4 billion project— at Oxagon.
What People Are Saying
Melissa Blake, Port Director at Neom wrote on Linkedin: "Port of Neom is excited to receive the first batch of cranes and other cargo handling equipment as we come another step closer to delivering our vision."
Saudi Arabia's Government Vision 2030's website: "Sitting at the crossroads of 3 continents, Oxagon is a place where people, nature and technology come together in harmony."
Vishal Wanchoo, CEO of Oxagon said in May: "Industrial development cannot continue at the expense of people or the environment. We're offering a compact, mixed-use city where industry, nature, and community coexist."
What Happens Next
The port is planned to act as the main trade gateway to northwestern Saudi Arabia, with a smart logistics hub, connects Asia, Europe, and Africa.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Time Business News
42 minutes ago
- Time Business News
The Financial Backbone of Startups: Why Austin Entrepreneurs Need Professional CPA and CFO Support
Austin, Texas, continues to attract some of the most innovative minds and fastest-growing startups in the country. From tech ventures to local service-based businesses, the entrepreneurial spirit is thriving. Yet for all the excitement and energy, one challenge keeps tripping up promising ventures: financial mismanagement. Many entrepreneurs focus on product development, customer acquisition, and branding—leaving accounting, forecasting, and compliance as afterthoughts. But in a city where competition is fierce and investors are selective, overlooking your financial health can cost you growth—or even your business. The startup journey often comes with: Inconsistent revenue Unclear cash flow Poorly tracked expenses Tax surprises Missed funding opportunities Founders are typically visionaries, not financial experts. As a result, many operate their businesses using spreadsheets, gut instincts, or outdated accounting software. These approaches might work in the first few months—but not when you're scaling, hiring, or seeking capital. Before you bring in CFO-level leadership or consult with CPA firms, your first step should be hiring a small business accountant in Austin. Bookkeeping : Maintain organized and accurate records of all transactions. : Maintain organized and accurate records of all transactions. Payroll : Process employee payments and ensure tax withholdings are accurate. : Process employee payments and ensure tax withholdings are accurate. Monthly Statements : Help you understand profits, losses, and where your money goes. : Help you understand profits, losses, and where your money goes. Quarterly Taxes: Keep your business compliant and avoid IRS penalties. Because they're local, an Austin-based accountant understands Texas tax rules, franchise tax obligations, and local filing deadlines better than a remote service. Bonus: Many small business accountants now use cloud-based software, giving you 24/7 visibility into your finances and eliminating guesswork. Once you're generating consistent revenue or considering scaling, a small business accountant might not be enough. This is where CFO service in Austin TX comes in. A Chief Financial Officer (CFO) isn't just a number cruncher. They're a financial strategist who provides leadership on: Cash flow forecasting Financial modeling and budgeting Investor readiness Loan or funding management Expense optimization KPI tracking and performance evaluation By hiring outsourced CFO services in Austin, startups get executive-level financial support without paying full-time executive salaries. It's a powerful way to gain expert insight while staying lean. Here are some real-world examples of how CFO support makes a difference: A CFO helps you assess whether you can truly afford to expand your team or open a new office—or if waiting 6 months would save you from cash flow trouble. Without knowing your margins, it's easy to undercharge. A CFO will analyze your costs and recommend a sustainable pricing structure. If your books are messy, or your pitch deck lacks solid financials, investors will walk away. A CFO ensures you're always 'investor-ready.' By working closely with your accountant and eventually a CPA firm, a CFO keeps you organized year-round so you're not scrambling when April rolls around. Austin isn't just any city—it's a tech hub, creative powerhouse, and magnet for venture capital. When you partner with local financial professionals, you gain access to: Regional insights on Texas tax law and local compliance. on Texas tax law and local compliance. Networks that include bankers, investors, and startup mentors. that include bankers, investors, and startup mentors. Personalized service from people who understand your business context. Unlike generic national services, local financial professionals understand the Austin startup scene and can offer advice grounded in real-world experience. As your startup matures, your needs will expand beyond bookkeeping and strategy. You'll require compliance, audit prep, advanced tax strategy, and possibly even exit planning. That's where CPA firms in Austin play a critical role. Tax filing and planning (local, state, federal) (local, state, federal) Audit preparation and representation Business incorporation advice Entity restructuring for tax savings Compliance with industry-specific regulations Valuation support for mergers or acquisitions CPA firms don't just look backward at your finances—they help you plan for future moves and long-term goals. Stage of Business Financial Support Needed Pre-launch/Prototype Small business accountant Post-revenue (>$100K) Add CFO service Austin TX Scaling (>$500K+) Add CPA firms in Austin Hiring early doesn't mean overextending—it means preparing for growth from day one. Today's financial experts—especially in tech-forward Austin—rely on digital tools to streamline operations. From cloud-based bookkeeping to real-time dashboards, the best financial partners will integrate with your systems like: QuickBooks Online Xero Gusto (for payroll) Expensify Fathom or Spotlight for reporting By leveraging these platforms, you get real-time financial visibility that informs better business decisions. Whether you're considering a small business accountant, CFO service, or CPA firm, ask: What industries do you specialize in? Do you understand the startup and venture-backed landscape? How do you communicate and deliver reports? What's your fee structure? Do you offer scalable services as we grow? Can you collaborate with our other partners (legal, banking, etc.)? Your financial team should feel like an extension of your startup—not just a service provider. Building a startup is hard enough. Don't let poor financial decisions be the reason you fail. By working with a reliable small business accountant in Austin, engaging strategic CFO service in Austin TX, and eventually partnering with experienced CPA firms in Austin, you're putting the right financial backbone in place to support your growth, funding goals, and long-term success. Whether you're preparing for your next funding round, trying to control runaway costs, or aiming for a clean exit—having trusted financial leadership will guide every decision with clarity and confidence. TIME BUSINESS NEWS


Newsweek
3 hours ago
- Newsweek
Elon Musk's Father Says Feud With Trump 'a Mistake'
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. Elon Musk's father Errol has called his son's feud with President Donald Trump a "mistake," saying the pair "have been under incredible stress for five months." Why It Matters The world has watched the dramatic fallout between Trump, one of the most powerful men on the planet, and Elon Musk, the world's richest man. It started with Musk's criticism of Trump's One Big Beautiful Bill Act, which he called "outrageous," "pork-filled," and a "disgusting abomination." Things escalated when Elon Musk claimed on social media, without providing evidence, that Trump was named in files about child sex offender Jeffrey Epstein, who died in 2019—something the White House has denied. What To Know Errol Musk was in Moscow to speak at the Future Forum 2050, a conference on Russia's development, when he spoke about his son's ongoing battle with the president. He told Russian media that Elon Musk's actions had been "a mistake," according to the national daily newspaper Izvestia. "They've been under incredible stress for five months. Give them a break," Errol Musk said. "They had to get rid of the opposition, try to restore normalcy, focus on ordinary matters, and so on. They're exhausted and tense, so something like this isn't unusual." He went on to say that he believes his son and Trump will come to a resolution soon. His remarks came after Trump said that the Tesla CEO would face "very serious consequences" if the tech billionaire started to fund Democrats in the wake of their fallout. "If he does, he'll have to pay the consequences for that," Trump told NBC News in a phone interview. "He'll have to pay very serious consequences if he does that." President Donald Trump, right, with Elon Musk in the Oval Office at the White House on May 30, 2025, in Washington D.C. President Donald Trump, right, with Elon Musk in the Oval Office at the White House on May 30, 2025, in Washington D.C. AP When asked if he had any desire to repair the relationship between the pair, Trump said "No," adding that he "would assume" that their relationship was over after the very public dispute. Trump added that Musk had been "disrespectful to the office of the president" and that he was "too busy doing other things" to dwell on the matter, adding: "I have no intention of speaking to him." "I think it's a very bad thing, because he's very disrespectful. You could [sic] not disrespect the office of the president," Trump said. What People Are Saying White House press secretary Karoline Leavitt told Newsweek on Thursday: "This is an unfortunate episode from Elon, who is unhappy with the One Big Beautiful Bill because it does not include the policies he wanted. The president is focused on passing this historic piece of legislation and making our country great again." President Donald Trump posted to Truth Social on Thursday: "I don't mind Elon turning against me, but he should have done so months ago. This is one of the Greatest Bills ever presented to Congress. It's a Record Cut in Expenses, $1.6 Trillion Dollars, and the Biggest Tax Cut ever given. If this Bill doesn't pass, there will be a 68% Tax Increase, and things far worse than that. I didn't create this mess, I'm just here to FIX IT. This puts our Country on a Path of Greatness. MAKE AMERICA GREAT AGAIN!" He added: "Elon was 'wearing thin,' I asked him to leave, I took away his EV [electric vehicle] Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!" What Happens Next Trump has set a deadline for Senate Republicans to pass the "big beautiful bill" and get it to his desk to sign by July 4. The impact of his fight with Elon Musk remains to be seen.


Newsweek
3 hours ago
- Newsweek
How SNAP Benefits Are Impacted by Trump's Tax Bill: What to Know
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. House Republicans have advanced a sweeping tax and spending bill backed by President Donald Trump that makes significant changes to the Supplemental Nutrition Assistance Program (SNAP), also known as food stamps. The bill—the One Big Beautiful Act—passed the House by a narrow 215–214 vote and is now headed to the Senate, where revisions are expected. If enacted, the measures would mark a major shift in eligibility and administrative rules for the country's largest anti-hunger program. Why It Matters More than 40 million low-income Americans rely on SNAP to help pay for groceries each month. The changes proposed in the Trump-supported bill reflect broader Republican goals to tighten eligibility, reduce federal spending and increase work requirements for federal food assistance. While the legislation also aims to cut taxes and simplify rules for retirees and workers, critics warn the SNAP provisions could leave vulnerable recipients—especially childless adults and those without full-time work—at risk of losing access to essential food support. What to Know The bill includes the following SNAP-related provisions: Increased state financial responsibility : States would be required to contribute more funds to support SNAP, shifting part of the cost burden from the federal government to state budgets. : States would be required to contribute more funds to support SNAP, shifting part of the cost burden from the federal government to state budgets. Expanded work requirements : The bill would require more SNAP recipients to work in order to maintain eligibility. Specifically, it increases the age cap at which work requirements end from 54 to 64 years old. Able-bodied adults without dependents would be subject to these rules unless they meet other exemptions. Only parents with children under age 7 would be exempt from the work requirements, a significant change from the current exemption for parents with children under 18. : The bill would require more SNAP recipients to work in order to maintain eligibility. Specifically, it increases the age cap at which work requirements end from 54 to 64 years old. Able-bodied adults without dependents would be subject to these rules unless they meet other exemptions. Only parents with children under age 7 would be exempt from the work requirements, a significant change from the current exemption for parents with children under 18. Reduced state exemptions : The legislation limits states' ability to exempt individuals from federal SNAP work requirements. : The legislation limits states' ability to exempt individuals from federal SNAP work requirements. No changes to benefit amounts or maximum eligibility thresholds were specified in the bill, but administrative changes could affect how and when recipients qualify. These SNAP reforms are intended to partially offset revenue losses from the bill's expanded tax deductions, including higher standard deductions for older Americans and the elimination of taxes on overtime and tips. Stock image/file photo: Man shopping for groceries in a store. Stock image/file photo: Man shopping for groceries in a store. GETTY Policy and poverty experts have said the bill could be devastating for SNAP recipients. The Center for Budget and Policy Priorities, a left-leaning think tank, said the passage of the bill would constitute "by far the largest cut to SNAP in history"—with some 7 million recipients possibly seeing reduction or total loss of their benefits. The Congressional Budget Office has said that while it will reduce federal spending on SNAP to $76.6 billion in 2034, down from a baseline projection of $115.8 billion, recipients would see an average reduction of SNAP benefits of $15 dollars per month by 2034 for every single SNAP participant What People Are Saying President Trump has not commented directly on the SNAP provisions, but he framed the broader legislation as a necessary reset. "It's time for our friends in the United States Senate to get to work, and send this Bill to my desk AS SOON AS POSSIBLE!" he wrote on Truth Social. Democrats have been outspoken in their criticism. Those on the House Agriculture Committee said the bill is "irresponsible" and poses an "immense threat" to "food assistance for vulnerable seniors, children, working families, veterans, and Americans with disabilities." Jennifer Greenfield, associate professor at University of Denver who specializes in the intersection of health and wealth disparities, told Newsweek: "The proposed federal "savings" are not savings at all—it's a shift of the costs to our already cash-strapped states and families. The net result will be to increase hunger and financial instability among households with children, older adults, people with disabilities, and veterans—while also sending tens of thousands of people into unemployment." What's Next The Senate is expected to negotiate revisions to several parts of the legislation, including the SNAP work requirement provisions, before any final vote. If changes are made, the bill will return to the House for another vote.