Will the Saudi Regime Form an Independent Committee to Hold Neom Disaster Officials Accountable?
Together for Justice has closely examined the Financial Times’ report revealing a massive devaluation of Saudi Arabia’s so-called “gigaprojects,” led by the flagship Neom development. The Public Investment Fund (PIF) — the central vehicle for Crown Prince Mohammed bin Salman’s Vision 2030 — has written down $8 billion from the value of these projects in just one year, representing a 12.4% drop compared to previous valuations.
These figures, disclosed in the PIF’s 2024 annual report, are not mere financial fluctuations; they are a stark indictment of the mismanagement and unrealistic planning that underpin these high-profile ventures. Neom, initially presented as a $500 billion futuristic mega-city, is now facing significant scaling-back, with large portions expected to be scrapped altogether. The project has been plagued by engineering obstacles, cost overruns, and logistical failures, revealing a vast gap between grandiose slogans and deliverable outcomes.
The report makes clear that these losses have been driven by massive budget overruns, falling oil prices, and the Saudi economy’s continued dependence on oil for more than 60% of state revenue — leaving funding for such projects vulnerable to global market volatility. At the same time, Saudi Aramco’s stock has plunged by 14.3% since the start of the year, while dividends have been cut, further eroding a critical source of PIF income. Net profits have dropped by 60% in a single year, amid rising interest rates, inflation, and impairments to projects.
In light of these facts, Together for Justice asks: where are the independent audit and accountability committees to investigate this monumental financial failure? Who will take responsibility for the loss of $8 billion in public funds poured into vanity projects with no real return? Is there any genuine oversight mechanism to safeguard the wealth of the Saudi people and protect state resources — or is this yet another case of unchecked favoritism, where the Crown Prince and his inner circle squander public money as they please? This is not a technical loss on a balance sheet — it is a systematic depletion of national wealth, channeling state resources into propaganda-driven spectacles at the expense of genuine development and the people’s needs. The international community, global financial institutions, and independent oversight bodies must treat this as a case of corruption and waste of public funds, and must demand transparency, accountability, and urgent reform before more billions vanish from the pockets of the Saudi people.
