#Saudi s Scale Back Ambition for $1.5 Trillion Desert Project Neom - Bloomberg

Saudis Scale Back Ambition for $1.5 Trillion Desert Project Neom - Bloomberg

Saudi Arabia has scaled back its medium-term ambitions for the desert development of Neom, the biggest project within Crown Prince Mohammed bin Salman’s plans for diversifying the oil-dependent economy, according to people familiar with the matter.

By 2030, the government at one point hoped to have 1.5 million residents living in The Line, a sprawling, futuristic city it plans to contain within a pair of mirror-clad skyscrapers. Now, officials expect the development will house fewer than 300,000 residents by that time, according to a person familiar with the matter.

Officials have long said The Line would be built in stages and they expect it to ultimately cover a 170-kilometer stretch of desert along the coast. With the latest pullback, though, officials expect to have just 2.4 kilometers of the project completed by 2030, the person familiar with the matter said, who asked not to be named discussing non-public information.

As a result, at least one contractor has started to dismiss a portion of the workers it employs on the site, according to a document seen by Bloomberg.

Representatives for Neom and the kingdom’s Public Investment Fund, the main entity that owns and is funding the project, declined to comment.

#Qatar leads Gulf markets higher; #Kuwait slips | Reuters

Qatar leads Gulf markets higher; Kuwait slips | Reuters

The Qatar stock market ended higher on Sunday, boosted by gains in communications, energy and finance stocks, while Kuwait shares hit a two-month low with industry and finance sectors leading the losses.

The Qatari benchmark index (.QSI), opens new tab was up for a second straight session and rose 1% with almost all sectors in positive territory.

Qatar Gas Transport (QGTS.QA), opens new tab and Ooredoo (ORDS.QA), opens new tab advanced 1.9% and 3.6%, respectively while Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, gained 0.7%.

In Kuwait, the benchmark index (.BKP), opens new tab slipped 1.3% and closed at 7,873, the lowest in two months with most sectors in the red, led by industry and finance.

National Bank of Kuwait (NBKK.KW), opens new tab, the country's largest lender, dropped 2.3% and Kuwait Finance House (KFH.KW), opens new tab declined 1.5%.
Among other losers, Agility Public Warehousing (AGLT.KW), opens new tab and Gulf Bank (GBKK.KW), opens new tab slid 3% and 3.6%, respectively.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab retreated 1.2% after two consecutive session of gains with most sectors in negative territory.

Talaat Mostafa (TMGH.CA), opens new tab decreased 6.6% and Commercial International Bank (COMI.CA), opens new tab lost 1.5%.