Much of the city was planned to be completed by 2030, as it is one of the focal points of Saudi Vision 2030.[7] Experts expressed skepticism about the ambitions of the megaproject.[8] Initially estimated to cost $1.6 trillion,[2] the project’s estimated costs were by 2025 in excess of $8.8 trillion (more than 25 times the annual Saudi budget).[9] By July 2022, only two buildings had been constructed, and most of the project area remained bare desert.[10] In 2024, Neom was reported to have been substantially scaled back from its original plan.[9][11] An internal audit of the megaproject found extensive problems, including “evidence of deliberate manipulation”, by the managers of the project.[9] By 2025, new contracts for Neom dried up and there was no mention of Neom in Saudi Arabia’s pre-budget statement for 2026.[12] In March 2026, large contracts for tunneling work[13] and the Trojena ski resort were cancelled.[14]
Gonna be a long wait. NEOM is canceled in all but name: