Saudi Arabia's ambitious Neom project, envisioned as a futuristic city, is grappling with soaring costs, estimated at $8.8 trillion, over 25 times the kingdom's annual budget. Reports reveal that officials manipulated financial figures to obscure the project's escalating expenses while attempting to dramatize returns on investments, such as inflating hotel prices to seem more favorable. This alarming situation highlights the extravagant dreams of Crown Prince Mohammed bin Salman and raises concerns about the viability and transparency of the Neom initiative as it struggles to align with reality.
Saudi Arabia's extravagant Neom city project faces financial turmoil as costs soar to $8.8 trillion, far exceeding the kingdom's annual budget and expectations.
An audit revealed manipulation of financial figures by management, aiming to hide Neom's mounting expenses from scrutiny and to protect the crown prince's vision.
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