In an ambitious bid to transform the landscape of construction, the Neom giga-project in Saudi Arabia is currently consuming a staggering one fifth of the world’s steel production.
Manar Al Moneef, Neom’s Chief Investment Officer, shared this remarkable statistic during the Global Logistics Forum held in Riyadh on Monday.
An Ambitious Project in the Arabian Desert
Neom, a cornerstone of Saudi Arabia’s Vision 2030, aims to revolutionize urban living with projects like the futuristic city known as The Line, set to stretch over 170 kilometers by 2045.
Alongside The Line, Neom’s developments include the Trojena winter resort, twelve luxury Magna resorts, the Sindalah island resort, and the industrial city Oxagon.
Driving Global Logistics
“Neom is poised to be the largest customer for construction materials over the next few decades,” Al Moneef announced. The project’s demand extends beyond steel to elevators, cement, and other critical construction materials.
Al Moneef emphasized Neom’s role as a significant driver of the global logistics sector, accounting for 5% of the market. This massive demand positions Neom as a pivotal player in shaping the future of construction logistics.
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- Saudi Arabia is Building Neom, a High-Tech Futuristic City in the Arabian Desert
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Challenges and Strategic Priorities
Despite its grand ambitions, Neom faces significant challenges. The Public Investment Fund (PIF) has had to balance funding across various major projects, including preparations for the World Expo 2030 and the 2034 World Cup in Riyadh.
Consequently, some of Neom’s projects have experienced delays and reported issues with mismanagement and overspending.
Neom’s Long-term Vision
Experts like Dhiraj Joshi from Arthur D Little Middle East suggest that while Neom will play a crucial role in Saudi Arabia’s long-term development strategy, the current focus is on more immediate projects in Riyadh.
Neom’s full potential is expected to be realized post-Expo and World Cup, reinforcing its significance in the country’s economic future.
With an eye on transforming urban living and driving global logistics, Neom stands as a testament to Saudi Arabia’s visionary aspirations, despite the hurdles that lie ahead.
Read also: Is Marc Lore’s $400 Billion Desert Utopia the Future of Sustainable Cities or Just a Pipe Dream?
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