Latest news with #Nadhmial-Nasr
Newsweek
01-05-2025
- Business
- Newsweek
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.
Middle East Eye
28-04-2025
- Business
- Middle East Eye
Saudi Arabia reviewing Neom projects, citing 'limited resources': Report
The CEO of Saudi Arabia's futuristic city Neom has launched a 'comprehensive review' of the kingdom's mega-project, signifying more belt-tightening to come with falling energy prices. One person familiar with the review told The Financial Times on Monday that the scope of several projects surrounding Neom was being reviewed due to 'an environment of limited resources'. Neom is the flagship of Crown Prince Mohammed bin Salman's Vision 2030 plan to transform the kingdom's economy and reduce its dependence on oil revenue. The kingdom has already had to scale back Neom, originally billed as a $1.5 trillion megacity project, which organisers claim will eventually be 33 times the size of New York City and include a 170km straight-line city known as "The Line'. Instead of 1.5 million people living in the city by 2030, Saudi officials now anticipate fewer than 300,000 residents. Meanwhile, only 2.4km of the city will be completed by 2030. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters Saudi Arabia has begun operations at some of Neom's larger projects, such as the Red Sea resorts, but others, like a desert ski resort with artificial snow to host the 2029 Asian Winter Games, have yet to materialise. Saudi Arabia is trying to position itself as a luxury tourism destination, but for now, it needs oil revenue to invest. Oil prices crumble as Saudi Arabia throws in the towel on restricting supply Read More » Energy prices, however, have plunged amid economic uncertainty driven by American tariffs and an influx of more oil supply. On Monday, Brent, the international benchmark, was trading at $64.27 per barrel, down 2.31 percent. Brent prices have tumbled about 20 percent since the start of the year. For years, Saudi Arabia was the main proponent of restricting supply in an alliance alongside Russia dubbed Opec+. The kingdom absorbed most of the production cuts within Opec+, while Iraq, the United Arab Emirates, and Kazakhstan boosted production. In April, Saudi Arabia led Opec+ in a surprise move to boost production, in what energy analysts said was a move designed to punish 'cheaters' exceeding the production limits. The combination of lower oil prices and economic uncertainty is being felt in Saudi Arabia. The International Monetary Fund says Saudi Arabia needs oil at $90 per barrel to balance its budget. In April, Goldman Sachs painted a bleak picture for Saudi Arabia's projects in a note to clients, projecting 'pretty significant' budget deficits and more scaling back of mega-projects. Neom has already faced one reshuffle. Nadhmi al-Nasr, who managed Neom's construction from 2018 to 2024, departed from his post in November. Nasr earned a chilling reputation managing Neom. He bragged that he put everyone to work 'like a slave', adding, 'When they drop down dead, I celebrate. That's how I do my projects.' Two other foreign executives also left Neom at the end of 2024, according to The Wall Street Journal. One reportedly disparaged Islam, made lewd references about sexual positions and said women from the Arabian Gulf looked like 'transvestites'. Aiman al-Mudaifer was appointed CEO of Neom in November after overseeing a real estate division of the kingdom's nearly $ 1 trillion Public Investment Fund. Crown Prince Mohammed bin Salman has overall authority over PIF and is spearheading its investments across the kingdom.
Yahoo
14-02-2025
- Business
- Yahoo
Saudi Arabia Hires Startup to Develop Brain-Computer Control Implants
A brain-computer interface (BCI) startup called Paradromics, a competitor to Elon Musk's Neuralink that's aiming to control computers using brain implants, is partnering with Saudi Arabia's megalomaniac Neom city-building project. As Bloomberg reports, the agreement will involve the construction of a new clinical research center within the new city, which is currently being built on the Red Sea coast. Paradromics is hoping to kick off human clinical trials in the US as soon as this year, and the Middle Eastern kingdom could soon follow. But given Saudi Arabia's abysmal track record when it comes to human rights abuses, the collaboration raises plenty of red flags. The kingdom's Neom project, in particular, has been the subject of some extremely damning reports, from bulldozed villages to the alleged use of lethal force to human slavery. According to one documentary last year, more than 21,000 immigrant workers, most from South Asian countries like Bangladesh, India, and Nepal, have died while working on the project's 100-mile skyscraper called the Line, though Saudi officials have denied the claims. However, as the Wall Street Journal reported in November, Neom CEO Nadhmi al-Nasr abruptly departed the role following the documentary, suggesting drama behind the scenes. Put simply, Saudi Arabia is a monarchy with among the worst track records for human rights and the treatment of vulnerable populations on the planet, plus a nearly bottomless supply of money due to its immense oil resources. It sounds far-fetched, but it's hard not to imagine that Saudi royals — who, lest you forget, murdered and dismembered a journalist several years ago — are at least passively wondering whether BCI tech could be used to keep workers in check or increase their productivity. It's not as far-fetched as it sounds; Western BCI companies have already started working with employers on schemes to monitor employee productivity using the tech. In other words, an investment in the tech by a country known for trampling human rights raises a host of thorny ethical issues. Paradromics' official goals, we should point out, don't sound nefarious at all; the company says it's interested in starting with giving voice back to patients who've lost the ability to speak by translating brain signals using a tiny device implanted below the skull, not unlike Neuralink's chip. The company has been testing the tech on sheep, and is hoping to start human trials as soon as the fourth quarter of this year. "Once we are ready to do the clinical trial in the US, we are operationally ready to do it elsewhere," CEO Matt Angle told Bloomberg. But the competition is growing. Neuralink kicked off its first human clinical trials just over a year ago. Since then, it has implanted devices in the brains of numerous patients, who are now using the gadgets to browse the web and play video games. The latest partnership could be seen as part of the Saudi crown family's attempts to diversify the kingdom's economy away from oil. According to OPEC, the Kingdom possesses around 17 percent of the world's petroleum reserves, with oil exports accounting for roughly 40 percent of its GDP. How exactly brain implants will factor into those efforts remains to be seen. But for a country with a track record like Saudi Arabia's, dark possibilities are endless. More on BCIs: Brain Implant Hooked Up to Control VR Headset
