No takers for USD 100 billion city in Saudi Arabia despite…, major reasons include…, bad news for Crown Prince Mohammed bin Salman

Crown Prince Mohammed bin Salman's dream project.

Jan 7, 2025 - 00:30
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No takers for USD 100 billion city in Saudi Arabia despite…, major reasons include…, bad news for Crown Prince Mohammed bin Salman

Riyadh: The Saudi Arabian govt’s highly dauntless venture, the King Abdullah Financial Mega City (KAEC), is struggling to invent its impress despite billions of bucks in investment.

It has lagged when in contrast with more fresh and lucrative initiatives equivalent to The Line and Oxagon. The promises made about this venture have no longer been fulfilled. In such a utter, the inquire of arises whether or no longer the KAEC venture has did not fulfil its design. It is on the total a setback to Saudi Crown Prince Mohammed bin Salman’s Imaginative and prescient 2030.

Per the report of Intriguing Engineering, the KAEC, spread over 180 sq. km on the flee of the Purple Sea, 100 km north of the Saudi metropolis of Jeddah, has no longer yet reached its plump potential. The $100 billion metropolis used to be presupposed to condo two million folks and invent one million jobs, but by 2024 there had been simplest 10,000 folks. The metropolis has also failed by approach of offering jobs and to this level simplest a few companies have attain right here.

MBS working on Imaginative and prescient 2030

Crown Prince Mohammed bin Salman (MBS) is for the time being working on remodeling Saudi Arabia from an oil-dependent financial system to a world investment centre below Imaginative and prescient 2030. On this, new initiatives fancy KAEC are crucial in urban style.

Launched in 2005, KAEC is strategically placed as a first-rate logistics hub connecting Europe, Asia and Africa. Its big just is King Abdullah Port, which opened in 2019. It is the main privately owned port in West Asia.

Saudi’s KAEC is facing challenges in attracting folks despite big promises. By 2024, simplest 10,000 folks dwell there, far below its target of two million inhabitants. The just of making 1 million jobs shall be unfulfilled, with simplest 100 Saudi and multinational companies in KAEC. This low series of residential and employment recordsdata raises concerns referring to the metropolis’s viability and future. This reveals that KAEC faces assorted stiff competitors below Saudi Arabia’s Imaginative and prescient 2030.

Challenges from assorted initiatives

The KAEC venture shall be facing predominant challenges from assorted dauntless initiatives equivalent to The Line, Oxagon and Trojena. These initiatives are attracting extra of the young population wanting financial investment and sustainable residing. Nonetheless, despite these challenges, KAEC’s proximity to Jeddah and companies such because the port are anticipated to continue to grow the metropolis in the upcoming years.

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