By Dr. Sameera Aziz
Today, I am examining the points raised by Mr. Mubasher
Luqman about NEOM. I am a Saudi citizen, and I love my country. But I believe a
credible defence of one’s country must rest on sound reasoning, accurate
figures and verifiable sources.
Mr. Luqman, my disagreement with you is not personal. You
have raised an important subject. The costs, construction challenges and
economic benefits of major projects certainly deserve scrutiny. The title of
your video, however, conveys the impression that the NEOM dream is over and
billions have been wasted. My question is this: does the evidence presented
justify such a definitive conclusion about NEOM as a whole? The answer lies in
the relevant documents, rather than the forcefulness of a headline.
In this discussion, I am presenting my own research-based
assessment as a Saudi journalist, drawing on reports from the Saudi Press
Agency (SPA) and statements published by the relevant institutions.
Every statement must be understood in the context of its
date and scope. Presenting an official position does not mean that every
question has been conclusively answered or that every announcement has been
fully implemented.
Mr. Luqman, let us begin with the Public Investment Fund’s
own published record. Its Arabic statement issued on 15 April 2026 identifies
six economic ecosystems under its 2026–2030 strategy, explicitly including
NEOM. The same statement emphasises investment efficiency, sustainable
financial returns and private-sector participation.
This establishes one clear point: NEOM remains part of that
strategy. It does not reaffirm every earlier design, contract or deadline.
Equally, this document cannot be ignored when declaring the entire project
finished. In my view, a project’s priorities and its complete abandonment must
be treated as separate matters.
A fundamental distinction is necessary here: NEOM is a large
development region; THE LINE is one part of it. Treating a particular
construction contract, a building, a sporting event and an entire development
region as though they were the same thing can lead to the wrong conclusion.
For that reason, a specific report about a Trojena contract
or the Winter Games should be addressed using an up-to-date statement about
that particular matter. A statement about NEOM’s overall strategy does not, by
itself, refute the cancellation of an individual contract. I am not citing a
specific Saudi denial that I do not have before me.
Mr. Luqman, the dimensions of THE LINE’s original concept
should also be clear. “SPA’s original announcement described THE LINE as 200
metres wide, rising 500 metres above sea level, and extending 170 kilometres in
length. These were the figures stated in the initial announcement; they should
not be interpreted as a claim that construction at that full scale has now been
completed.
NEOM’s current website describes THE LINE’s development as a
phased process guided by demand and need. This explains the management’s
approach. A separate, current and explicit announcement would be required to
establish how many kilometres are expected to be completed in any particular
year.
I would
therefore not present an earlier promotional rendering as completed
construction today. Nor would I treat an earlier estimate for a particular
phase as the permanent limit of the entire project. Viewers should be able to
distinguish between an announcement, a target and completion.
Let us now turn to your assessment of the lack of interest
among international banks and investors. In fairness, I should first
acknowledge that you did mention some work having been completed on the
hydrogen project. I will therefore not suggest that you denied all progress. My
disagreement concerns the definitive conclusion you drew about NEOM as a whole
despite that progress.
The financial record of NEOM’s hydrogen project also
deserves proper weight in this discussion.
On 22 May 2023, NEOM Green Hydrogen Company announced
financial close on its $8.4 billion project. This included $6.1 billion in
financing from 23 local, regional and international financial institutions. The
project is a joint venture between NEOM, ACWA Power and Air Products.
This does not prove that funding is available for every part
of NEOM. Debt financing and direct equity investment are also different things.
It does, however, provide a documented example of international financial
participation as of the announcement date. Establishing the current status of
each loan and partnership would require up-to-date records.
Then, on 26 March 2026, the same company reported that
overall construction across all project sites had reached 90 per cent
completion. It identified 2027 as the target for the first availability of
green ammonia.
I am deliberately using the word “target”. Construction
progress, commercial production, sales and profitability are distinct stages.
Reaching one stage should not be presented as a guarantee of success at the
next.
A simple example may help viewers here. Completing a factory
building, installing its machinery, conducting trial production and maintaining
commercial sales are separate stages. Progress means that work is moving from
one stage to another. Profitability can be assessed once the revenue and
expenditure records are available.
With that qualification, the hydrogen company’s construction
update remains an important part of any discussion about NEOM as a whole.
Rather than giving this progress only a passing mention, its significance
should also be considered when drawing an overall conclusion.
Now let us look at Oxagon and the port.
I am not claiming that the floating industrial city has been
fully built on the scale shown in its original concept. However, the port and
its industrial activity cannot be dismissed as meaningless simply because they
differ from the initial promotional imagery.
NEOM’s Arabic announcement of 4 June 2025 reported the
arrival of automated cranes, the completion of a 900-metre quay and the
deepening of the port’s navigation channel to 18.5 metres.
This is information published by the company, rather than
measurements I have independently taken on site. Nevertheless, these are
verifiable construction claims that can be questioned and subjected to further
checks.
A port’s importance should be assessed by the volume of
cargo it handles, its efficiency and the services it provides to industry.
Simply saying that an ordinary port is now being built there does not amount to
a full assessment of its economic value.
You have interpreted the move towards artificial
intelligence and data centres as an attempt to conceal failure. That is your
interpretation; it is not an established record of an institution’s intentions.
To assess that interpretation, consider the sequence of announcements.
NEOM and DataVolt announced a project in this sector at
Oxagon on 10 February 2025. The announcement outlined an initial investment of
$5 billion and an expected start of operations in 2028.
The date matters because this activity was already part of
the plans before the latest restructuring in 2026. However, it would also be
wrong to treat that announcement as proof that the full investment has been
spent or that the centre is operational.
We should
apply the same standard on both sides: describe an announcement as an
announcement, construction as construction, and realised revenue as revenue.
Mr. Luqman, towards the end of your discussion, you identify industry,
infrastructure and logistics as a beneficial path for the region. NEOM’s focus
on those same sectors should therefore also be assessed on the basis of their
economic value. A sector does not lose its importance simply because the
location or project name changes.
Let us now
consider the financial payments attributed to contract cancellations.
Mr. Luqman,
when describing an amount as a penalty or a payment being made, the relevant
financial documentation is essential. In this discussion, I am not repeating a
specific figure that I cannot substantiate through the Saudi official sources
or the relevant institution’s direct statements that I have used. This is not a
denial of the report; it is a decision not to present an unverified figure as
an established fact.
Potential
costs, allocated budgets, agreed liabilities and amounts actually paid are
different things. Similarly, the remaining value of a contract, a termination
settlement and a legal penalty are not necessarily the same. A sound conclusion
requires clarity about the nature of the amount, the period it covers and the
original document supporting it.
My point is straightforward: the larger the financial claim,
the clearer its basis should be. Viewers should know whether they are hearing
an estimate, a claim by one party or a documented payment that has already been
made. Where those distinctions remain unclear, a definitive judgment should
also be withheld.
Now let us examine the Saudi official record concerning
Sindalah. On 28 October 2024, Umm Al-Qura published an SPA report stating that
NEOM’s Board of Directors had announced the island’s opening. The report
introduced Sindalah as a maritime tourism destination on the Red Sea.
This is a reference to the opening announcement at that
time. It does not automatically establish the current position on bookings for
the general public, full commercial operations, management responsibility or
profitability. Those matters require up-to-date information.
I will therefore present the Saudi position only to the
extent supported by the document: the official announcement identifies Sindalah
as a tourism destination. I will not use that announcement to deny current
management changes or to claim that the island is now a complete commercial
success.
The argument about 50-degree heat at Trojena also leaves out
important geographical context.
According to NEOM, this mountain destination reaches
elevations of up to 2,600 metres above sea level and experiences sub-zero
winter temperatures. Temperatures in a country’s hotter areas cannot be applied
to every mountain location in every season.
That does not eliminate the costs of artificial snow, water
or energy. Questions about those costs are entirely legitimate. But such
questions are stronger when grounded in accurate geographical information.
Now to workers and human rights, an issue that, in my view,
requires the greatest care.
A direct response is available from Saudi Arabia’s National
Council for Occupational Safety and Health. The council issued a statement
rejecting information circulating about working conditions in the Kingdom as
inaccurate. I am including a link to the original statement in the references
so that viewers can read it themselves.
This is the response of the relevant Saudi institution. In
citing it, I will not draw a conclusion about a particular incident, individual
or construction site that the statement itself does not establish.
Mr. Luqman, if a large figure is attributed to NEOM, it must
be clear whether it relates specifically to that project or to the country as a
whole; whether it counts work-related deaths or deaths from all causes; and
what period it covers. Without those details, a meaningful comparison of the
figures is not possible.
Even one worker’s life matters. In my view, there is no
conflict between upholding my country’s dignity and respecting the people who
work here. A credible defence presents the relevant institution’s response
while also asking for the appropriate evidence behind each specific claim.
There is also a record of both sides’ positions on the
relocation of local communities. United Nations experts raised concerns, and
the Saudi government submitted a written response disputing the allegations and
setting out its position on compensation, legal procedures and avenues for
complaints.
That response is available in the relevant United Nations
records. Its presence there does not mean that the United Nations endorses
every claim it contains. Likewise, the experts’ concerns should not be
described as a final court ruling.
The responsible approach is to distinguish between an
allegation, the official response and what has been independently established.
Mr. Luqman, disagreements aside, viewers should also be shown the available
response from the party concerned.
Now to the final question: does a change in project
priorities demonstrate the economic failure of an entire country?
In my view, reaching such a conclusion requires a much
broader economic assessment. The cost, timeline and anticipated benefits of a
major project should be examined against the relevant financial and
construction records. A loss in one part, however, does not determine an entire
country’s future.
Mr. Luqman, once your discussion moves beyond NEOM to Saudi
Arabia’s economic future, other national outcomes must also be considered. I
will offer three examples involving reported results, rather than announcements
alone.
The first is tourism. On 18 June 2026, SPA reported, citing
the Ministry of Tourism’s 2025 annual report, that combined spending by
domestic and inbound tourists reached approximately SAR304 billion, an increase
of 7 per cent over 2024. This is tourist spending, not the government’s net
profit. Even so, it is a clear example of tourism-related economic activity.
The second is the railway system. According to SPA’s report
of 10 August 2026, the Transport General Authority stated that Saudi Arabia’s
trains carried more than 38 million passengers in the second quarter of 2026,
alongside approximately 3.7 million tonnes of minerals and goods. These are
travel and transport figures, not a count of that many distinct individuals. We
are discussing the use of an operational system.
The third is the Public Investment Fund’s overall
performance. According to its statement of 17 August 2026, revenue in 2025 rose
by 9 per cent to $120 billion, while net profit more than doubled to $17
billion. These are results for the fund as a whole, not a measure of NEOM’s
profitability. The same statement also acknowledged the impact of declines in
the value of certain assets.
These examples do not establish the success of every NEOM
project, nor do they imply that the national economy faces no challenges. Their
significance is that Saudi Arabia’s development spans multiple sectors. Drawing
a conclusion of nationwide economic failure from difficulties in one part of
NEOM would therefore not constitute a complete assessment of the country’s
position.
The Public Investment Fund’s 2026–2030 strategy emphasises
investment efficiency and lasting value creation, while retaining NEOM as a
distinct priority area.
The success of that strategy will be judged by its future
results. It cannot be declared a guaranteed success today, nor can it be deemed
certain to fail because of difficulties in a single project.
As a businesswoman, I believe that when the underlying
calculations change, a project must be reassessed. A new strategy must,
however, be judged against the relevant financial records and practical
results. Both points can be valid at the same time.
Mr. Mubasher Luqman, my request is this: by all means, ask
difficult questions about NEOM, but make the source, date and scope of each
claim equally clear. A compelling headline may attract viewers’ attention; the
validity of the conclusion still requires evidence. Please do not present
difficulties in one part as the end of an entire development region, an
anticipated payment as money already paid, or a disputed allegation as an
established fact.
Dear viewers, in this video, I have respectfully challenged
Mr. Mubasher Luqman’s conclusions. Our disagreement is not personal, and I have
not questioned his motives.
As a Saudi journalist, I have presented my own analysis,
distinguishing NEOM as a whole from its individual projects, and separating
completed work from past announcements and future targets.
My central point is this: the evidence presented does not
justify declaring the whole of NEOM finished. That does not mean every
criticism is unfounded or that every original ambition will necessarily be
realised. A fair assessment must consider both documented progress and the
challenges that remain.
I also invite viewers not to accept my argument simply
because I am Saudi. Check the references, read the original documents, and if
credible new information emerges, our research should develop accordingly.
In my view, a strong defence of Saudi Arabia means
presenting verified progress, acknowledging real challenges and refusing to
compromise on accuracy.
----
About the Author:
Dr. Sameera Aziz is a senior Saudi journalist,
businesswoman, author, poet, analyst, and speaker based in Jeddah. Holding a
PhD in Mass Media, she is among Saudi Arabia's pioneering female journalists,
with a strong interest in Saudi Vision 2030, entertainment, business, media,
literature, and cultural exchange. She can be reached at consultant.sameera.aziz@gmail.com
----
References — for the video or blog description
This material presents a Saudi journalist’s research and
analysis. Official statements are attributed to the institutions that issued
them; project targets are not presented as completed achievements. The dates of
historical announcements are provided with the references.
Public Investment Fund: Strategy announced on 15 April 2026;
NEOM’s inclusion, investment efficiency and sustainable returns.
Saudi Press Agency: 25 July 2022; the dimensions of THE
LINE’s original design. This is a historical announcement.
https://www.spa.gov.sa/2372273
NEOM: Current description of THE LINE’s phased, demand-led
development; accessed on 25 September 2026.
https://www.neom.com/en-us/regions/theline
NEOM Green Hydrogen Company: 22 May 2023; the $8.4 billion
project, 23 financial institutions and $6.1 billion in financing.
https://nghc.com/news/neom-green-hydrogen-company-completes-financial-close/
NEOM Green Hydrogen Company: 26 March 2026; statement
reporting 90 per cent overall construction completion and a 2027 target for the
first availability of green ammonia.
NEOM’s Arabic statement: 4 June 2025; port cranes and
infrastructure progress.
NEOM’s Arabic
statement: 10 February 2025; the DataVolt partnership, initial investment and
anticipated start of operations.
https://www.neom.com/ar-sa/newsroom/datavolt-signs-agreement-with-neom
SPA report in the official newspaper Umm Al-Qura: 28 October
2024; the historical announcement of Sindalah’s opening.
https://www.uqn.gov.sa/details?p=26687
NEOM’s current overview: Trojena’s elevation and climate;
accessed on 25 September 2026.
https://www.neom.com/en-us/about
Saudi Arabia’s National Council for Occupational Safety and
Health: The institution’s response to circulating claims about working
conditions and fatalities. This does not replace an individual investigation
into each specific incident.
The Saudi government’s written response in the United
Nations communications record; the section concerning NEOM begins on page 23.
This is a Saudi response, not a United Nations endorsement.
https://spcommreports.ohchr.org/TMResultsBase/DownLoadFile?gId=37585
The Mubasher Luqman video discussed here. His arguments were
compared against the supplied automated YouTube transcript, which was not
treated as a verified, word-for-word record.
https://www.youtube.com/watch?v=oBHNRd-FrfQ
SPA, 18 June 2026: The Ministry of Tourism’s 2025 annual
report; total tourist spending of approximately SAR304 billion, representing
annual growth of 7 per cent.
https://www.spa.gov.sa/en/N2615138
SPA, 10 August 2026: Rail passenger and freight transport
figures for the second quarter of 2026, according to the Transport General
Authority.
https://www.spa.gov.sa/en/N2651163
Public Investment Fund, 17 August 2026: Annual performance
for 2025; revenue, net profit and the context of changes in asset valuations.
These are the fund’s overall results, not NEOM’s separate financial results.
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