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NEOM Projects Not Cancelled, Just Postponed – PIF Governor

According to PIF Governor Yasir Al-Rumayyan, NEOM's projects have not been cancelled, but rather have undergone a recalibration of priorities.

The goal is to shift capital and execution efforts toward assets deemed critical for near-term delivery, shifting from parallel development to a more focused model.

The centerpiece of this new phase is Oxagon, the industrial and port hub on the Red Sea. Thanks to its strategic location along global shipping lanes and its future integration with sustainable energy infrastructure, data centers, and artificial intelligence, Oxagon is considered crucial to the project's immediate economic viability. Conversely, other projects not considered on the "critical path" have been postponed.

This shift is confirmed by the recent cancellation of billion-dollar contracts related to water and structural infrastructure (such as Trojena).

PIF's new 2030 strategy therefore marks a shift toward greater commercial concreteness, prioritizing feasibility and execution over simultaneous construction.

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