According to the new WSJ report, Saudi Arabia’s eight -year -old NEOM project (the future carbon neutral, 105 miles linear cities conceived by Prince Mohammed bin salman) became a financial sink.
According to an internal audit published by NEOM’s board last summer, the country, which has already paid $ 50 billion due to delay and expenses, can face $ 5.5 billion in construction. The journal pointed out that Saudi Arabia’s annual budget is more than 25 times.
This situation began to be similar to Saudi Arabia’s Waterloo, and MBS, like Napoleon, misunderstood a monumental challenge inherent in his strategy. Among the harsh reality that threatens to derive this project, there is a lack of labor and inappropriate roads and electricity shortages.
But there are some winners. Consulting giant MCKINSEY & COMPANY consulting is known to earn more than $ 130 million every year despite some controversy over the company’s role despite the controversy over the company’s role. McKinsey says he has a “strict protocol to prevent conflicts of understanding of our participation.”
