The Saudi government recently announced plans to reduce the scope of the giant city Neom, after the Public Investment Funds cash reserves fell to $15 billion in September 2023.

According to a Bloomberg report, Saudi Arabia is reducing the scope of the giant city, which was supposed to cost $1.5 trillion, and to be 33 times bigger than New York.

The project included the construction of the innovative The Line city, a city constructed alongside a 170 kilometer straight line, with expected habitants of 1.5 million people by 2030, but now authorities expect 300 thousand at most.

In fact, authorities now expect only 2.4 kilometers of the project to be finished by 2030, with labor shakeup undergone as a result.

Constructing Neom was aimed at diversifying the economy away from oil and attracting tourists to the region.

The Line wont have cars or lines, and will rely entirely on high-speed trains alongside the city.

In addition, there were plans to build two mirror buildings, towering at 500 meters, with a width of 120 kilometers as part of the projects.

Bloomberg sources indicated that authorities continue to support the project overall and its general goals.

The PIF, which finances the project, hasnt yet confirmed its 2024 budget for the Neom project.