Saudi Arabia $500 billion megacity is in jeopardy after a Saudi journalist's death â" here are the other multi-billion ...
Saudi Arabia is undergoing a massive construction boom. A November report found that the nation had about 4,700 active construction projects, worth a total of $852 billion.
But the future of some of these projects is less certain following the brutal murder of journalist Jamal Khashoggi, which prompted many investors to rethink their contributions.
In late October, prominent figures like Y Combinator's Sam Altman and former US energy secretary Ernest Moniz temporarily pulled out of the plan for a $500 billion megacity.
While the development is still moving forward, others could also be in peril. Billionaire Richard Branson recently severed ties with two tourism projects in the area due to similar concerns. In a statement, Branson said the Khashoggi murder could "change the ability of any of us i n the West to do business with the Saudi government."
A lack of international support could hinder Crown Prince Mohammed bin Salman's Vision 2030 plan, which aims to diversify Saudi Arabia's oil-driven economy.
Here are some of the most expensive projects slated to go up in Saudi Arabia.
Neom: $500 billion
Neom's future is on thin ice in the wake of Khashoggi's death, which prompted at least five board members to suspend their involvement with the project.
If brought to life, the megacity would introduce a utopian vision to Saudi Arabia, complete with robot workers, drone taxis, and a bridge that connects to Africa.
Read more: Saudi Arabia wants to build a $500 billion megacity that's 33 times as large as New York City
Great Mosque of Mecca: $26.6 billion
Though it goes by many names â" "the forb idden mosque," "the holy mosque," "the sacred mosque" â" the Great Mosque of Mecca is known universally as the largest mosque in the world.
With a history dating back to BCE, the structure has undergone numerous renovations, the latest of which was commissioned in 2007 by King Abdullahwik. Construction halted in 2015 when a crane collapsed into the mosque, killing more than 100 people.
With renovations back on, the mosque will soon be expanded to accommodate more than 2.5 million worshippers.
Al Faisaliah Smart City: $25 billion
Saudi Arabia intends to build a high-tech city along the Red Sea coast that relies on renewable energy sources. At an estimated $25 billion, the project will create nearly 1 million housing units for around 6.5 million people by 2050. It also aims to provide 1 million jobs in fields like technology, health, and education.
Riyad h Metro: $22.5 billion
The Riyadh Metro will soon become the main transportation system for Saudi Arabia's capital, introducing six new lines and 85 stations to the city. With 1.16 million passengers expected to rely on the metro within a few years of opening, the system could cut down on 250,000 car trips per day.
While the project expects to have a soft opening in 2019, officials said the metro will not be fully operational until 2021.
Jeddah Economic City: $20 billion
Jeddah Economic City is one of several ready-made cities being developed in Saudi Arabia.
At 56 million square feet, the city has enough room for a new transit system, office space, shops, beach resorts, luxury villas, and energy efficient homes. Its developer, Kingdom Holding Company, is owned by Prince Al-Waleed bin Talal, a member of the Saudi royal fa mily.
Its first phase will center on the construction of the world's tallest tower, while phase two will develop the infrastructure. The entire project is set to open as early as 2026.
Dahiyat Al Fursan: $20 billion
In 2016, the Saudi government partnered with Korean developer Hanwha Engineering & Construction to build 100,000 new homes near the Riyadh International Airport. The development, which is governmen t-funded, is expected to be complete by 2020.
As of 2016, the Saudi government had 187 affordable housing projects in the works â" an attempt to address the nation's considerable housing shortage.
King Abdullah Financial District: $10 billion
Construction is well underway on the King Abdullah Financial District, a 17 million-square-foot development to the north of Riyadh. The project represents a key effort on behalf of Saudi Arabia to reduce its dependence on oil, which makes up around half of its economy.
While the new financial district is catered toward banks, law firms, and the nation's stock exchange, it will also be home to around 50,000 residents. Notable architectural features include a monorail, mosque, and network of skywalks connected by solar power.
The district is currently running behind schedule â" despite being almost complete.
Read more: Saudi Arabia is building a $10 billion city on the sand â" here's what it will look like
King Abdulaziz International Airport: $9.6 billion
The newly renovated King Abdulaziz International Airport in Jeddah will officially open in January 2019. As a gateway for pilgrims traveling to the Two Holy Mosques in Mecca and Medina, the airport is designed to accommodate more than 80 million annual passengers.
In addition to a new terminal building, the renovations include a new five-star hotel, shopping centers, and public transportation system. The airport will also feature the world's tallest air traffic control tower, which will stand at nearly 450 feet.
King Abdullah Security Compounds: $8 billion
Phase 5 of the King Abdullah Security Compounds includes the construction of 369 security facilities worth $8 billion. The development will include investigation and prosecution buildings, as well as security and immigration departments.
Jeddah Downtown: $5 billion
Saudi Arabia has taken on the trend of waterfront development, setting aside $5 billion for a new downtown area in Jeddah.
The project will include a mixture of residential, commercial, and office space, as well as a new hotel, amusement parks, and sports facilities. At around 54 million square feet, the development will also make room for around 12,000 new housing units.
Mall of Saudi and City Centre Ishbiliyah: $3.7 billion
A Dubai-based holding company is opening two new malls in Saudi Arabia, worth a reported total of $3.7 billion.
The first project, the Mall of Saudi, will become the largest shopping and entertainment complex in the nation. Its first phase of development â" which includes a hotel, apartment building, and indoor ski slope â" is set to be complete by 2022.
The second project, City Centre Ishbiliyah, will include 250 stores, a food court, and an entertainment complex.
Abraj Kudai: $3.5 billion
Although the Abraj Kudai hotel was set to open in 2017, the building remains unfinished. With around 10,000 rooms and 70 restaurants, the hotel could soon become one of the largest in the world. Its amenities al so include multiple helipads and a section set aside for the Saudi royal family.
Jeddah Tower: $2.2 billion
The centerpiece of the Jeddah Economic City is the Jeddah Tower (formerly known as the Kingdom Tower), which will stretch 3,280 feet into the air. Once complete, the building will outstrip the Burj Khalifa for the title of world's tallest skyscraper.
Inside, visitors will find a Four Seasons hotel, office space, and luxury condos. The tower will also feature the world's highest observation deck, located on the 157th floor.
Read more: Saudi Arabia is building the world's tallest skyscraper â" here's what it would look likeSource: Google News Saudi Arabia | Netizen 24 Saudi Arabia