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Saudi Arabia is racing to finish Trojena ahead of the 2029 Asian Winter Games amid tough engineering challenges, tight deadlines, and growing financial pressures on its gigaprojects projects, Bloomberg reports, citing people it says are familiar with the matter. The project — which Meed estimates to be worth USD 19 bn — may face delays, with the mountain resort originally scheduled for completion in 2026.
Progress is being made: Satellite images show construction is underway on the project, including work on tunnels and ski slope testing, yet the project faces steep hurdles such as producing artificial snow, pumping water up the mountain to feed a planned 2.8 km artificial lake — costing around USD 5 bn — and building facilities at high altitude. “The development of Neom, including Trojena, is progressing according to a phased plan that emphasizes international standards, long-term sustainability and legacy outcomes,” Neom told the business information service in a statement.
Critically, there are no budget cuts being made: “At least one person familiar with the situation echoed [Neom’s] view and added that the development hadn’t seen significant budget cuts,” Bloomberg said. Neom’s overall costs have grown to USD 1.5 tn, while the Public Investment Fund (PIF) said in its annual report that its investments in giga projects dipped 6% in 2024. That writedown is evidence that the PIF has “strategic maturity” as it responds to market conditions, while investments in time-sensitive projects tied to international events will continue to be prioritized, The Closer host Bradly Hope told CNBC (watch, runtime: 5:06). Neom has awarded USD 20 mn in contracts YTD, down from a peak of USD 12.6 bn in 2023.
Background: Sindalah, the luxury island that launched with much fanfare in October, remains closed to the public after design flaws and delays. Satellite images show most facilities completed, but the golf course is deteriorating and some buildings are no longer present. Elsewhere, the Magna region has seen only early-stage infrastructure work this year, while The Line has been scaled back to just 2.4 km of its planned 170-km length, scheduled for completion by the early 2030s.
