• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 6 days The United States produced more crude oil than any nation, at any time.
  • 5 days How Far Have We Really Gotten With Alternative Energy
  • 9 hours e-truck insanity
  • 4 days Bad news for e-cars keeps coming
  • 5 days China deletes leaked stats showing plunging birth rate for 2023
  • 7 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
New Mexico Struggles To Balance Oil Output Boom with Climate Goals

New Mexico Struggles To Balance Oil Output Boom with Climate Goals

The second-largest oil-producing U.S. state,…

Spending By World Nuclear Powers Soared To $91.4 Billion in 2023

Spending By World Nuclear Powers Soared To $91.4 Billion in 2023

Global nuclear defense spending reached…

NEOM Secures $5 Billion Investment From Local Investors

Saudi Arabia’s megaproject NEOM has attracted an investment of $5.6 billion from local investors. According to Bloomberg, four local firms will build temporary housing and construction facilities for some 95,000 workers in a public-private partnership deal.

The futuristic city, a plan from Saudi crown prince Mohammed bin Salman will be built on 10,200 sq. miles of desert and Riyadh is planning for it to become the "world's most ambitious tourism project.".

To diversify its economy, Saudi Arabia is also looking for the city to become a testbed for new technology. According to its website, the city plans to become a world leader in 5G hyperconnectivity, Data Centers, AI and advanced robotics and augmented, mixed and virtual reality. In order to power the city, Saudi officials are making a big bet on green hydrogen. Last month, NEOM announced the financial close of what is currently the world’s largest green hydrogen plant. The $6.7 billion dollar facility built by ACWA Power, Air Products and Chemicals, Inc., and NEOM Company is set to start production as soon as 2026.

Despite some progress in the last couple of months, critics continue to question the financing of the city and the feasibility of the city as a whole. As it stands, the Kingdom plans to finance the initial phase of the city through its sovereign wealth fund, which is slated to cover half of the budgeted sum of $320 billion, with a mix of both private and public investors expected to cover the other half. Saudi Crown Prince Mohammed bin Salman has also floated the idea of an IPO in 2024. In November 2022, Saudi Arabia said it was working with financial advisor and asset manager Lazard to explore the options of international debt sales or and IPO on the Saudi Tadawul stock exchange.

By Tom Kool for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | 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