Saudi Arabia’s NEOM project is now expected to cost nearly USD 9 trillion and take over five decades to complete, according to an internal audit presented to NEOM’s board of directors last summer.

The audit revised NEOM’s cost projection to up to USD 8.8 trillion, marking an increase from its original USD 500 billion estimate. This updated figure represents more than 25 times Saudi Arabia’s annual budget, with the Public Investment Fund (PIF) valued at USD 925 billion. The audit also indicated that the project’s construction timeline may extend by another 55 years beyond initial estimates.

NEOM, envisioned as a high-tech, sustainable urban development, remains a central part of Saudi Arabia’s Vision 2030 economic diversification efforts. The project continues to undergo assessments as it progresses through various stages of construction and planning.

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