Dubai: Neom in Saudi Arabia is currently consuming one-fifth of the world's steel production, according to an official statement made on Monday, as reported by London headquartered news agency Arabian Gulf Business Insight.
Manar Al Moneef, Neom’s chief investment officer, highlighted at the Global Logistics Forum in Riyadh’s King Abdullah Financial District that this futuristic city is set to become the largest consumer of construction materials globally for several decades.
Situated in the far northwest of Saudi Arabia, Neom is a flagship project within the country’s broader economic development plans, which are valued at over $1.25 trillion (Dh4.5 trillion).
However, progress on some initiatives has been hindered as the Saudi Public Investment Fund (PIF) faces funding challenges due to declining oil prices and the need to allocate resources to projects in Riyadh ahead of the World Expo 2030 and the 2034 World Cup, both of which will be hosted in Riyadh.
Neom's developments include a linear city known as The Line, projected to stretch 170 kilometres by its completion in 2045, with a 5-kilometre segment targeted for 2030. Additional components of Neom feature the Trojena winter resort, twelve luxury resorts named Magna, the Sindalah island resort, and an industrial city called Oxagon.
