Saudi Arabia has revised its mid-term objectives for the NEOM giga-project, Bloomberg reported, citing people familiar with the matter.

The Line development is now expected to accommodate less than 300,000 residents by 2030, compared to its earlier projection of 1.5 million, the report said.

The project, a 170-kilometer, zero-carbon, urban-development development, will be built in stages with only 2.4 kilometres slated for completion by 2030, the news agency reported.

According to Bloomberg, at least one contractor has begun to reduce its workforce on the site. Nonetheless, the report stated that work is ongoing on other parts of the NEOM project.

In December 2023, Bloomberg reported that the kingdom had delayed some of the projects launched as part of its economic transformation plan past 2030, quoting Finance Minister Mohammed Al Jadaan.

“Certain projects can be expanded for three years - so it’s 2033 - some will be expanded to 2035, some will be expanded even beyond that, and some will be rationalised,”  the news agency had reported citing the minister related.

(Editing by Seban Scaria Seban.scaria@lseg.com)