![‘Huge Glass Cage’; Will Saudi Giga-projects Transform the Living Experience? [Part II]](https://al-sarira.com/wp-content/uploads/2024/12/11.webp)
Gensler, the newly contracted US engineers’ senior strategic manager for urban planning, described the endeavor as a turning point in human inventiveness. According to him, it’s the scope of the partnership—the top architects, developers, engineers, and landscaping firms in the world uniting like a Scientific venture. Their goal is to do the seemingly unattainable.
Human behavior simulations are being carefully examined by the city’s administrators and incorporated into the architecture of the structure. From the exterior, it resembles a huge, long mirror of the nearby hills and dunes. The city’s 3D richness is very remarkable. Having floating communities on top of shopping avenues and cultural landmarks beneath the sports zones is exciting. Fans can arrive from various sections of the town and view the cityscape from different angles.
Who will reside in the city has turned to one of the most significant concerns. In overall, Neom has promoted its ideal emerging culture as a destination for immigrants. It will thus be governed by a distinct set of laws than the other parts of the nation. However, there are indications that the Saudi administration is sensitive to the public’s discomfort with giga-projects’ foreign image. It is evident that the administration wants to attract a large number of international visitors and businesspeople to the nation.
Saudis just seized the position of British and Indian CEOs at the King Abdullah Commercial Zone and real estate business Roshn. In a sudden change, Saudi nationals are suddenly being offered opulent homes at the winter town of Trojena.
In the city of Dubai, London, Frankfort, and other places, a large number of Saudi nationals own second residences. It has grown into more of an offering for Saudi people and families, thus Riyadh has currently something to boast about and offer them. Additionally, earlier in 2024, King Salman released an order mandating that ministers attend ceremonial ceremonies wearing black cloaks with gold rims. Few months later, a second edict mandated that all official workers wear the traditional white robes and headpiece.
Regarding the management of public funds and the potential for a herd of white elephants to bankrupt the nation, a careful examination of the data provided by PIF reveals an organization leaking funds that the nation cannot afford.
According to PIF’s 2023 accounting records, personnel expenditures, which include salary and benefits, increased by an astounding 40% in 2023, reaching $15.9 billion.
Even though KPMG verified the declaration, it was unclear which staff members were included in the total. That might include all 2,553 employees in PIF’s four international offices or all 168 affiliates. If the latter, the median yearly salary would be $6.2 million. A $212 billion discrepancy between PIF’s assets and those owned by others may also indicate significant fixed asset expenditures.
As of the moment, Saudi Arabia is getting by on its own. The administration could continue to uphold the riyal’s dollar peg as long as foreign currency reserves remained at about $411 billion in September.
The 2024 debt of 28.3 percent of GDP is still below the range of norms for the world. It continues to receive high ratings from European credit rating organizations.
Fast-and-loose bookkeeping and innovative methods of borrowing debt that do not show up on the government’s financial statements are being ignored. Oil costs are always the unspoken issue. As they sell under $80 bpd, their prices have barely fallen, but they are already upsetting the Saudi rulers.
There will be significant occurrences soon. These include the FIFA World Cup in a decade, the Asian Winter Games, and the World Expo 2030 in Riyadh. Until at least ten years, Saudi Arabia may be shielded from serious criticism from both its own citizens and international financial benefactors.
