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Saudi megacity NEOM to cost almost $9 trillion, take over 50 years to build, internal audit warns. (www.middleeastmonitor.com)

submitted 2 days ago by Mee@reddthat.com to c/worldnews@sh.itjust.works

4 comments fedilink hide all child comments

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.

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[–] humanspiral@lemmy.ca 2 points 2 days 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.

[–] AwesomeLowlander@sh.itjust.works 5 points 2 days ago

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 2 days 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.

[–] MaleficentFeature849@sh.itjust.works 1 points 1 day ago

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