Saudi Arabia’s construction of its megacity project NEOM is projected to cost almost $9 trillion and take over five decades to complete, an internal audit has revealed.
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According to the audit, there was “evidence of deliberate manipulation” by “certain members of management”.
That enabled some of the firms and companies contracted by NEOM to gain a tremendous amount of profit from their contracts, one example cited being the consulting firm McKinsey & Company, which reportedly earned over $130 million annually for its services and involvement in NEOM’s planning and implementation.
Seems more like a vehicle for bribes than an actual project that’s intended to be implemented. I’ll be very surprised if this makes any significant progress.
