• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 4 mins Is Europe heading for winter of discontent with extensive gas shortages?
  • 10 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Hopes Are Dashed For International Oil Companies In North Iraq
  • 1 day 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 1 day The United Nations' AGENDA 2030 - The vision for One World Governance ...an article by the famous Dr Robert Malone
  • 15 hours "Mexico Plans to Become an Export Hub With US-Drilled Natural Gas" - Bloomberg - (See image)
  • 5 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 15 mins "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 2 days The Federal Reserve and Money...Aspects which are not widely known
Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

Saudi Energy Ministry To Help Build $500 Billion Smart City

Saudi Arabia's Energy Ministry will help with the $500-billion smart city project dubbed Neom to make sure it is completed on time, minister Abdulaziz bin Salman said, as quoted by Reuters, this weekend.

"We have to persevere and make all our capacities available to realise this project," bin Salman said, without providing any details as to what the support will involve.

Neom is the flagship project under the Vision 2030 strategy spearheaded by the energy minister's brother, Mohammed. The smart city, to be powered by solar and wind energy, was scheduled for completion in 2025. However, earlier this year, reports said that work on the project has stopped amid the coronavirus pandemic and plummeting oil revenues that have triggered austerity measures by the Saudi finance ministry.

The Saudi economy recorded a deficit of $29 billion for the second quarter of the year as oil revenues dropped by 45 percent, prompting spending cuts and an increase in VAT, among other steps to stabilize the economy.

In 2018, the CEO of the Neom project, Klaus Kleinfeld, told media that "The investment case for NEOM is actually very easy to make, because we've got so many things going for us," adding that there was "overwhelming" enthusiasm from investors interested in financing the project. 

Since then, Kleinfeld has been replaced as chief executive of the smart city project by local Nadhmi Al-Nasr, and there has been little in the way of proof of any investor enthusiasm. The latest about the project was news about the contract with U.S. Bechtel to provide design, construction, and project management services for the project.

The plan is to make Neom a supercity, powered by renewable energy and existing as its own economic zone.

"Built from the ground up as a model of future living, NEOM will be one of the largest, most sophisticated and advanced infrastructure projects ever undertaken globally, and we are delighted to have a major industry leader like Bechtel on board to work with us to realize our ambitions," Al-Nasr said in comments on the news.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News