Saudi Arabia’s Mirror Line skyscraper project faces severe financial issues, with costs escalating to $8.8 trillion, significantly exceeding the national budget. An auditor’s report suggests attempts to conceal inflated costs. The project’s scope has been reduced, raising doubts about its feasibility, despite the Crown Prince’s advocacy. It is a key aspect of the Neom initiative aimed at diversifying the economy beyond oil.
Saudi Arabia’s ambitious endeavor to construct the Mirror Line skyscraper city in the desert is facing severe financial challenges. The anticipated capital expenditures have surged to $8.8 trillion, an amount that is 25 times greater than the nation’s annual budget, as reported by Azernews. This escalation in costs has prompted doubts regarding the project’s viability, which is projected for completion in 2080.
Furthermore, an auditor’s report has raised concerns about officials allegedly attempting to manipulate figures to obscure inflated costs of the project. Initially envisioned to stretch 160 kilometers, the design for the first section has been notably revised, shrinking from 16 kilometers to just 2.4 kilometers, leading skeptics to question its feasibility.
Despite these setbacks, Crown Prince and Prime Minister Mohammed bin Salman Al Saud continues to champion the grand vision of the project, opposing plans to reduce its height as a cost-cutting measure. The Mirror Line is part of a larger initiative known as the Neom project, designed to transform Saudi Arabia into a global hub for innovation, technology, and tourism, comprising other ambitious projects such as floating cities and zero-emissions infrastructure.
While the project is perceived to have the potential to revolutionize urban living, the exorbitant costs and daunting technical hurdles have raised significant skepticism. Its outcome holds major implications for Saudi Arabia’s broader strategy to diversify its economy away from oil dependence; however, increasing financial and environmental scrutiny adds to the complexity of its future.
In conclusion, the construction of Saudi Arabia’s Mirror Line skyscraper city is under significant financial strain, with costs ballooning to $8.8 trillion. The project faces skepticism due to its ambitious scope, recent revisions to its design, and controversies surrounding financial transparency. As part of the broader Neom initiative, its success is paramount to the kingdom’s vision for a diversified economy but is hindered by growing concerns over feasibility and sustainability.
Original Source: www.azernews.az
