What's happened
Saudi Arabia's Neom megacity project, initially planned to house 700,000 people, is facing financial struggles with reduced estimates for future residents and delays in budget approval. The project, part of the Saudi Vision 2030 plan, aims to diversify the economy away from oil. Plans to add a casino to the Forest City project have sparked controversy in Malaysia, where gambling is taboo.
Why it matters
The financial struggles of the Neom project in Saudi Arabia, along with plans to add a casino, have significant implications for the country's economic diversification efforts and regional development. The controversy surrounding the casino proposal in Malaysia highlights cultural sensitivities and potential economic impacts.
What the papers say
According to Business Insider UK, Saudi Arabia's Neom project faces financial difficulties with reduced estimates for future residents. The Guardian reports on the scaling down of the Neom project, raising concerns about financial viability and project scope. South China Morning Post covers the denial of reports about discussions on a casino in Malaysia's Forest City, emphasizing the cultural and legal implications of the proposal.
How we got here
The Neom project in Saudi Arabia was announced in 2017 as part of the Vision 2030 plan to diversify the economy. The project aims to create a futuristic city in the desert, but financial struggles and delays have raised concerns. The addition of a casino to the Forest City project within Neom has sparked controversy in Malaysia due to cultural and legal sensitivities around gambling.
Common question
More on these topics
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Saudi Arabia, officially the Kingdom of Saudi Arabia, is a country in Western Asia constituting the bulk of the Arabian Peninsula.
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Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City.
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Neom is a planned cross-border city in the Tabuk Province of northwestern Saudi Arabia. It is planned to incorporate smart city technologies and also function as a tourist destination. The site is near the Red Sea and the borders of Egypt, and Jordan.
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Forest City Johor is an integrated residential development located on the slopes of Gelang Patah, Johor Bahru District, Johor, Malaysia on 1,370 hectares.
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Malaysia is a country in Southeast Asia. The federal constitutional monarchy consists of thirteen states and three federal territories, separated by the South China Sea into two regions, Peninsular Malaysia and Borneo's East Malaysia.
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Dato' Seri Anwar bin Ibrahim is a Malaysian politician who has twice served as the 12th and 16th Leader of the Opposition since May 2020 and from August 2008 to March 2015.