The invitation says executives will share details on Neom’s “unique vision of urban design,” which includes plans for a car-free linear city, an industrial development that floats on the Red Sea and a mountain ski resort with an artificial lake — all powered by renewable energy — though progress so far is mostly limited to earthworks.Article content
The effort to woo Wall Street comes more than three years after the murder of government critic Jamal Khashoggi by Saudi agents in Istanbul damaged the kingdom’s reputation abroad. Several prominent figures left Neom’s advisory board after the killing. A crackdown on dissent in Saudi Arabia also unsettled global firms and drew international criticism.
Many bankers and other international companies have returned to work in Saudi Arabia since then, though. Neom has hired more than a thousand employees to move to the remote site and plan the new region’s economy and urban design — including former executives from Buro Happold, General Electric and Germany’s RWE.
The project has stirred some controversy among Saudis. A relocation process for local residents devolved into violence and arrests in 2020. Foreign academics and experts have questioned Neom’s feasibility after previous efforts to build economic and financial free zones struggled to take off.
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