Several firms have announced the cancellation of contracts supporting Saudi Arabia's NEOM megaproject.
NEOM, the megaproject slowly taking shape on Saudi Arabia’s Red Sea coast“Eversendai had fully committed and delivered the project as per the contractual obligations with no compromise to safety and quality and we believe this has happened due to the currentto help construct three dams and a freshwater lake to support the Trojena resort had been cancelled.
Webuild said that it had already completed around 30 percent of the works on Trojena to the cost of €2.8 billion , and that the termination of its contract would become effective on Sunday.economy away from energy revenuesHowever, the project’s scope has several times been scaled back amid cost concerns and engineering hurdles, as well as workforce issues and criticism over theThe many components of NEOM underpin its status as one of the most ambitious construction projects ever undertaken. The development encompasses a planned, 170-kilometre linear city and the Trojena village, among other elements. According to Eversendai’s recent announcement, the company had fulfilled its contractual obligations regarding Trojena, and said the suite of Saudi firms that had recruited it to support the project should shoulder the costs of demobilization following the termination. “We strongly believe that our fully substantiated claims shall be fairly compensated by the client,” it said. Webuild similarly said that it would be reimbursed by the NEOM company—which serves as the master developer—for demobilization activities as well as costs accrued in the development so far. Separately, Hyundai Engineering & Construction announced last week that a 2022 tunnel construction contract related to “The Line” had been terminated, according to regulatory filings cited byMENA Unleashed, a geopolitical analyst focusing on developments in the Middle East and North Africa, in a reaction to the contract terminations on X: “Vision 2030 was always a bet that oil revenues would fund a post-oil economy before the oil ran out. That bet failed.”Opinion
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