Saudi Prince’s Trillion-Dollar Makeover Faces Funding Cutbacks, Neom to Get Less Funding

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Күн бұрын

Saudi Arabia is likely to cut billions of dollars in spending on some of its biggest development projects, and place other plans on hold, as the kingdom grapples with the scale of its vast economic makeover. The sprawling desert development known as Neom is expected to be allocated 20% less than its targeted budget for this year, according to people familiar with the matter. Standard Chartered's Carla Slim speaks with Bloomberg's Joumanna Bercetche.
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Пікірлер: 44

@BLOOOD616 Ай бұрын

Future of every extravagant empire is written in Rumble. History repeats itself.

@harbinger6562 Ай бұрын

On wrong video buddy

@BobbyBurnt Ай бұрын

wow the clearly unsustainable lavish spending is proving to be unsustainable no one could have ever seen this coming :OOOO

@akbarca Ай бұрын

Remember the amazing visionary stating that “Saudi Arabia will be the new Europe”!😂

@huckleberryfinn6578 Ай бұрын

@@akbarca They are currently where Europe was 200 years ago. So that's what they meant, probably?

@user-ge3gq8qy3b 27 күн бұрын

Stop hating

@octaveful Ай бұрын

We need more KSA coverage thanks Bloomberg

@gilkin6328 28 күн бұрын

For example, another development project within NEOM that transforms an island in the Red Sea into a luxury tourist destination known as Sindala is scheduled to open this year.

@gilkin6328 28 күн бұрын

Officials have long said that The Line would be built in phases, and they expected it would eventually cover an area of 170 kilometers along the coast.

@matrixman1947 Ай бұрын

Why don't these Expensive Advisors tell their Rulers, what is possible and what is dreaming.

@huckleberryfinn6578 Ай бұрын

Because they can charge a lot of money for these dreams, and the rulers don't want to hear a no anyway.

@batosato Ай бұрын

It is funny to see a lot of project lead in Saudi Arabia working on these mega projects are Europeans or Americans, yet none of them educate the Saudis that the projects is not feasible. Saudis and other middle eastern companies do not understand that instead of making cities, they should focus on building industries.

@firasabuelawn9736 Ай бұрын

European and Americans go there for big bucks, they don’t care what is it and what will happen after the projects are done, they only care about what they can do with the money back home.

@aldinoruswandi 29 күн бұрын

they've been doing that too, look at their SWF portfolios.

@Bell_plejdo568p 27 күн бұрын

⁠@@aldinoruswandihow can I look at there swf profile and what does swf stand for

@Bell_plejdo568p 27 күн бұрын

They only care about money and what industries

@ABXXX100 26 күн бұрын

forget about industries they do not respect individual thinking and do not pay proper wages to employees

@firasabuelawn9736 Ай бұрын

Sugar coating a big issue

@frankxu2490 Ай бұрын

Joke

@gilkin6328 28 күн бұрын

Work is certainly continuing on other parts of the broader NEOM project; Officials have maintained their overall goals for The Line, the people familiar with the matter said.

@tooyoota66 Ай бұрын

Saudi Arabia is going to be an economic giant in the near future, but they should be aware not spending too much money in projects.

@greenjoygardens Ай бұрын

LOL

@huckleberryfinn6578 Ай бұрын

The Saudis don't have the workforce to become an economic giant.

@user-pw8tq4on8z Ай бұрын

It’s got the most unproductive citizens because they have outsourced ALL work to expats. Now suddenly they will become productive? Keep dreaming.

@adnmoh1 Ай бұрын

Sell bonds, inflation goes up liquidity for short term project, rates go up as more people want better rates for bond, debt quality goes down, sell more oil to cover the debt payments, oil prices goes down.

@gowaru Ай бұрын

inflation up how many percent? All the materials and labour costs are up. No major surprise there.

@skyak4493 Ай бұрын

Some get strong Some get strange sooner or later it all gets real, walk on….

@gilkin6328 28 күн бұрын

But according to recent data, officials expect to complete 2.4 kilometers of the project by 2030, said the person familiar with the matter, who requested anonymity because the information is not available to the public.

@ranjithpowell6791 Ай бұрын

America is so far gone. I feel sorry for Murca

@adwanalshammari6209 Ай бұрын

This shows Saudi is constantly assessing and adjusting. This is actually good.

@majed2165 Ай бұрын

All those who comment didn't understand the fact that Saudi is issue bonds and borrowing money to GROW non oil GDP is rising!

@enduringwave87 Ай бұрын

Which is a good thing or a bad thing?

@NoMadKid Ай бұрын

The only challenge is in The Line project but other projects or going fine.

@huckleberryfinn6578 Ай бұрын

Yet!

@LivingWithGout Ай бұрын

Ahahahhaha😂

@maricel4083 Ай бұрын

It's up to minister of management in saudi if they allowed me and accepted my offer. I enterested to give investment here in saud and if they like I want half or all i funds all their projects.. just ask and send in the head of federation or atty Powell.. I do this bcz of milion workers and I want also Foster finish all the projects here. I going home in 2025 my be Jan or fed saudi . So if you are enterested money we send to you. Its up to minister they management all you need in projects. If need shipping ask to federation also they will help you. On September po saudian para may prepare po ahh mag submit na po kayo kasi after sep. Next yr na po dina lahat nang country they can make local currency okay so do it now..

@whotube88 Ай бұрын

I am from the Saudi government, please share your nationality and expected investment size, before I can connect you to the right people.