Saudi Arabia's megaproject Neom is seeking to raise 10 billion riyals ($2.7bn) in loans, according to a report in Bloomberg published on Monday.
The early stages of the $500bn planned city will be financed by money raised from local lenders, according to sources familiar with the matter who spoke to Bloomberg. Banks are currently in negotiations with Neom, and the loan could be completed in the next few months.
— Middle East Eye
A separate $3 billion loan will be required for Shushah Island, the luxury resort component of the $500 billion megadevelopment whose record-setting centerpiece is promised for 2025. Another $800 million was secured recently towards the development of Sindalah, which is set to be the project’s first portion to open next year. $5.6 billion more is on the way to build temporary housing and other facilities for 95,000 workers on The Line. The Saudi Private Investment Fund (which underpins NEOM) holds $778 billion in assets currently, according to Bloomberg.
25 Comments
how many slaves will also be "loaned" ?
95,000 “workers” (cough cough) it says in the article.
right.... like there were only 600 slave deaths acknowledged vs the 6000+ reported during the WC construction... missing a digit somewhere.
That never happened stop believing your lying media. The reason those workers went there was because they got paid double than they would in their home country. So if they are “slaves” than I can’t imagine what they would be working in there home countries. Matter of fact why doesn’t your European country give them Worker Visas if you care about their welfare so much. Selective Outrage and Hypocrisy. All nations and civilizations were built on “slavery”.
^clueless idiot, right here. The issue is, other cultures have found their big boy/girl pants and learned to be intelligent and mature. Others still cling to invisible sky daddies and archaic fucked-up social notions. Not the same.
Goldie, sure, it indeed is the onus of the home countries to treat their citizens properly, so they do not become slaves in those hot-ass dumps. That said, that is not the excuse to perpetrate slavery, especially when these guys have oil money flowing out of their asses.
There is nothing slave like about this. You need to provide the evidence for the claims you are making but you are just a typical White Nationalist or Leftist SJW that finds a way to complain about everything and probably just mad at the fact that those countries won’t allow you to sleep and have sex with other men. I’m done with you.
Let me guess Drone strikes on civilian areas and starting illegal wars is totally okay but working hard like a man is “slavery” get out of here with that communist like thinking. you are not entitled to anything. Work your way up the social ladder. Don’t complain about getting paid less at jobs that require zero skills or experience
^kookoo kookoo kookooo. Such ignorant and backwards views you have mrs golden doodle.
No one said that bombing innocent civilians is Ok. This is fucked up too. It however does not absolve 6k+ people dead just cuz the Qataris (for example) wanted to do this big shebang to show the world how much money they have.
We will see who’s laughing on Judgement Day @NonSequitur Have a Great Day. Believe me there is a punishment in the after life that is beyond your comprehension and you WILL want to avoid it all costs. So repent before it’s too late.
Disbelief (Kufr) is the worst thing you can die upon and is worst than any form of slavery, alcohol, genocide, drugs, rape, etc? Because Disbelief is the sin that will have you in a very hot place for eternity.
No thanks, I am more than happy not living under the fear of a made up cunt god(s). Enjoy your nonsense but it is the root cause of all this trash.
https://www.walkfree.org/global-slavery-index/country-studies/saudi-arabia/#:~:text=Saudi%20Arabia%20has%20the%20highest,migrant%20workers%20to%20their%20employer.
“Saudi Arabia has the highest prevalence of modern slavery of all countries in the Arab States region.”
https://thisisafrica.me/politics-and-society/saudi-arabia-is-a-modern-slave-hub-and-graveyard-for-african-migrant-workers/?amp=1
“The Global Slavery Index shows that an estimated 61,000 people are live in modern slavery in the Arab nation of Saudi Arabia i.e., 2 in every 1,000. The rate of vulnerability to slavery in the country is a staggering 46.3%. The kingdom’s “kafala,” or sponsorship system, is the most restrictive in the Gulf, according to labour and rights organisations. The common practice allows ‘employers’ to hire workers from places like Africa and South Asia, confiscate their passports, and control whether they leave the country or change jobs.”
It would be a shame....if something happened to these projects.
It's currently 47 degrees where they propose building this island, hotter at the site of the line. Great place to build a bunch of glassy stuff.
Its really interesting that authoritarian political powers have a immense favour to these big linear buildings to craft a space , while a "starchitect" like Thom Mayne who lives in a free American Society also have such a taste, and teaches it to his students who also thinks that is a good way to define a masterplan thinking only as the GOD above.
Thom Mayne going from rebel with a cause to happily doing PR for SA is one hell of a turn ...
The master part of “Master planning” is where the problem lives.
That video I shared earlier on another post indicates excatly what the man-child king of Saudi is doing - using Old Fart Academics to validate his latest toy. Too bad Mayne is also doing this, after such an illustrious career.
Thom Mayne didn’t do a “turn” at all. He’s always been an authoritarian whore. Where did you think all that celebration of “collectivism”, “central planning” “socialism” “big government” ends up? It ends up with SA on one end of the spectrum and the CCP on the other…because all that stuff requires centralized power. Both authoritarians. At that point left/right becomes moot. left boot or right boot. Not much difference. Here’s a quote from a dwell article: “He says, "The thing with these grand projects, you have to have everything come together. You have to have the architects, you have to have the money, the top-down power." Adds Eui-Sung Yi, partner at Morphosis, "As urbanists, you need the proper kind of state to provide the platform for this to actually occur." Perhaps he’s referring to a state that executes its dissenters?”
Its all about the money, I feel - its easier to siphon money from one big client than many small ones
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