Yasir al-Rumayyan, governor of Saudi Arabia’s Public Investment Fund (PIF), said in an interview with Al Arabiya Business on Wednesday that no projects in NEOM have been cancelled so far, adding that the project company has instead been instructed to reprioritize its spending.
Al-Rumayyan added that there is a common misconception that The Line represents NEOM as a whole, when in fact it is just one of several projects under the NEOM umbrella. He stressed the need to distinguish between what constitutes a valuable addition to NEOM and what is considered a core component of the overall project.
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He said the Oxagon industrial zone is a fundamental part of NEOM due to its scale and its impact on the project as a whole.
Al-Rumayyan said that the next phase will focus on delivering major projects with a reduced financial contribution from the Public Investment Fund.
