The WSJ report highlights significant troubles facing Saudi Arabia's Neom project, envisioned as a futuristic linear city. After $50 billion in spending, projections indicate an alarming 55 more years of construction at an estimated cost of $8.8 trillion. The project is marred by delays, labor shortages, and infrastructural deficiencies. The ambitious plans of Crown Prince Mohammed bin Salman appear increasingly untenable, drawing parallels to Napoleon's strategic miscalculations. Despite concerns, consulting firm McKinsey & Company profits substantially, raising questions about their involvement amid project controversies.
Plagued by delays and cost overruns, the country, which has already shelled out $50 billion, could reportedly face another 55 years of construction.
The situation is starting to resemble Saudi Arabia's own Waterloo, with MBS misjudging the monumental challenges inherent in his strategy.
Consulting giant McKinsey & Company is reportedly earning more than $130 million annually for its services, despite some controversy surrounding its role.
That's more than 25 times Saudi Arabia's annual budget, notes the Journal.
#neom-project #saudi-arabia #financial-analysis #crown-prince-mohammed-bin-salman #urban-development
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