PIF Governor says no projects canceled in NEOM so far

Yasir Al-Rumayyan, Governor of the Public Investment Fund (PIF), stated that no project within NEOM has been canceled so far, adding that the master developer has been directed to reprioritize its plans.

He told Al Arabiya TV that there is a common misconception that The Line represents the entirety of NEOM, whereas in reality it is just one of several projects under NEOM.

“Is it necessary to complete The Line by 2030? I believe not,” said Al-Rumayyan. He noted that priority projects include developments such as Oxagon, which is considered an industrial hub featuring a seaport and data centers, and has numerous Saudi and international partners and investors.

From PIF’s strategic and ecosystem perspective, Oxagon is currently a more suitable focus for investment, while some other projects within NEOM may be postponed.

Al-Rumayyan also highlighted that postponements are implemented through directives issued to companies, including NEOM, which are then considered accordingly. “Several directives have already been issued by NEOM’s board and the PIF board, and the company is currently reviewing how to achieve all—or part—of its objectives more efficiently from a financial standpoint,” he said.