Two new Saudi backers for Neom project
Saudi Arabia’s Neom megacity project has signed two new partnerships, the details of which have dutifully been fed to the international press as key achievements for the $500bn project. However, rather than signing up international companies for partnerships worth billions, they are both Saudi entities.
Construction company Red Sea International have signed a $14m deal with Neom, it has been revealed, while Neom’s sports sector has won the backing of… the Saudi Ministry of Sport.
Saudi Arabia had hoped to draw in billions in international investment for its vast megacity project, but due to a combination of human rights concerns, the coronavirus pandemic and fluctuating oil prices, has been left with few international partners.
Instead, it has resorted to making big announcements about new partnerships from quarters most expected. Neom is a key plank of Saudi Arabia’s “modernising” Vision 2030 project, and if even a small amount of the hype was to be believed, Saudi institutions would be flocking to back the development – not to mention those from abroad.
The new announcements illustrate the weakness of Neom. It also shows the impact the international campaign against Saudi human rights abuses is having.
People increasingly know about the displacement of the Huwaitat tribespeople from their land to make way for Neom. And scandals such as the Saudi execution of journalist Jamal Khashogghi have reached international audiences.
It remains to be seen what Saudi Arabia manages to create in terms of the Neom project, but those behind it, such as Saudi crown prince Mohammed bin Salman, must have major concerns about its future judging by the global reaction so far.
Read more: Saudi Arabia pumps $3.75bn into Neom entertainment company
