Saudi Arabia's Neom megaproject, with its futuristic vision and ambitious scope, has embarked on a roadshow in China to attract potential investors. Neom officials visited major cities like Beijing, Shanghai, and Hong Kong to showcase the project and court Chinese investment.
While the roadshow aimed to demystify the Neom project and provide more clarity to potential investors, reactions from attendees were described as mostly neutral. Leonard Chan, chair of the Hong Kong Innovative Technology Development Association, remarked that while he found the exhibition helpful in understanding Neom, he personally wouldn't consider living there, likening it to something out of a simulation game like "SimCity."
The private showcase offered an immersive experience into various aspects of the Neom project, including The Line, a futuristic city spanning 105 miles, Oxagon, Trojena, and Sindalah, a luxury island in the Red Sea.
Recent reports about scaled-back plans for Neom, particularly regarding population estimates, have raised concerns about the project's financial feasibility. Bloomberg reported a significant reduction in the expected number of residents for The Line, from 1.5 million to fewer than 300,000 by 2030. However, Tarek Qaddumi, Neom's executive director, remains optimistic about achieving the overall population target of 9 million in due time.
Amidst these concerns, Saudi Arabia is exploring various avenues to fund the Neom project, including issuing bonds. Reports suggest that Neom could raise up to $1.3 billion through Islamic bonds, or sukuk.
Overall, while the Neom roadshow aims to attract investors globally, the project's financial realities and scale have started to cause alarm within the Saudi government. With ongoing efforts to secure funding and address investor concerns, the future of Neom remains a topic of interest and scrutiny on the global stage.
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