Saudi Arabia to Spend Up to $1 Trillion on World’s Largest Building in Neom

Saudi Arabia to Spend Up to $1 Trillion on World’s Largest Building in Neom :

Saudi Arabia to Spend Up to $1 Trillion on World’s Largest Building in Neom

Saudi Arabia recently announced its decision to construct a $1 trillion building in its futuristic megacity, Neom. The project has been tagged the “Mirror Line,” and it will become one of the world’s largest buildings upon completion. While this news might not be surprising since Saudi Arabia has always been at the forefront of innovation, the project’s massive cost has sparked the curiosity of many.

Saudi Arabia’s $1 Trillion Mirror Line

The Mirror Line includes two buildings (each 1,600 feet tall) that will span across Neom. Neom is another Saudi Arabian megacity project that the Saudi Arabian government launched in 2021. According to Saudi Arabia’s plans, Neom City is owned by the Saudi Arabian Sovereign Wealth Fund. It will operate as a zero-carbon city that will house over 5 million residents and have an inbuilt food source through vertical farms. The city’s construction is worth $500 billion, and transportation will be sorted with a high-speed rail system and marine boats.

Back to the Mirror Line, the buildings will be made of mirrored glass, with a width that spans 121 kilometres. These glass-reflective buildings will be built across Neom’s desert and coastal areas. There are also reports that the building is expected to house the Saudi Arabian government upon completion. While Saudi Arabia’s Crown Prince stated that the project will be completed by 2030, experts strongly doubt the feasibility of this timeline. For many, the construction will likely take at least fifty years for it to be completed. The construction of the Mirror Line has been awarded to Morphosis Architects, a US-headquartered construction company. Morphosis Architects recommended that the project be completed in phases. The Saudi Arabian government has also consulted some other engineering companies for the project.

What’s the Catch?

It is difficult to think that the Saudi Arabian government will invest over $1 trillion on a project only for its aesthetics. Essentially, the project is expected to bring substantial economic value to the Saudi Arabian kingdom. These expectations are not wrong.

According to the Saudi Arabian government, the Mirror Line project and the Neom City project are part of the country’s Vision 2030 plans to boost the non-oil economy and diversify the source of revenue. The government has also projected that the project will attract significant foreign direct investment and create thousands of jobs. The Neom city project will also help reduce Saudi Arabia’s carbon footprints. There are equally indications that the project will become a tourist destination.

Conclusion

Saudi Arabia has been making strategic moves to reduce oil-driven revenue in its economy. These moves have yielded substantial results, as the country is gradually establishing itself as a global innovation hub with these projects. Most importantly, projects like the Mirror Line set that tone for further innovation in other Middle Eastern countries.

Last Updated on 10 months by News Editor