this post was submitted on 14 Mar 2025
8 points (90.0% liked)

worldnews

2095 readers
54 users here now

Welcome! This community is constantly upgrading and is a current work in progress. Please stay tuned.

/c/Worldnews@sh.itjust.works strives for high-quality standards on the latest world events.

The basis of these standards comes from the MBFC, which uses an aggregate of methodologies, including the IFCN and World Freedom Indices, to rate the Bias and Factual Reporting of News.

These are non-profit organisations with full transparency of their funding and structure. Likewise, this community is also transparent – Please feel free to question its staff and the overall content of this community.


Does your post fit the standards? Check this thread!



Rules:


Disallowed submissions

Commenters will receive one public warning with only one strike if violating any of the following rules:

Thank you.

todo list:

founded 2 years ago
MODERATORS
 

Saudi Arabia’s construction of its megacity project NEOM is projected to cost almost $9 trillion and take over five decades to complete, an internal audit has revealed.

top 4 comments
sorted by: hot top controversial new old
[–] humanspiral@lemmy.ca 2 points 23 hours ago

That enabled some of the firms and companies contracted by NEOM to gain a tremendous amount of profit from their contracts, one example cited being the consulting firm McKinsey & Company, which reportedly earned over $130 million annually for its services and involvement in NEOM’s planning and implementation.

This is how nuclear reactor bidding works too. Low estimates so that they are approved, then get "us" to pay for cost overruns.

This would make housing cost per person an average of $1M. ie $3M per 3 bedroom unit. Before profit from selling the units, but excluding commercial rents.

I mean, it's a city, not a single building. Presumably they'll get a part of it done and start using it while still constructing the rest. (Not that this is in any way a judgement on the actual feasibility of the project)

[–] HowAbt2morrow 3 points 1 day ago (1 children)

I prefer this desert money laundering scheme more than the American post-9/11 because it’ll kill far fewer poor a desperate people.

It's quite a dark approach but lesser than after 9/11 approach.