An oil windfall offers Gulf states one last chance to splurge

Dubai wants jobs in the metaverse; Saudi Arabia a city in the desert

A handout picture provided by Saudi's NEOM on July 26, 2022 shows the design plan for the 500-metre tall parallel structures, known collectively as The Line, in the heart of the Red Sea megacity NEOM. - A futuristic megacity in Saudi Arabia will feature two massive, mirror-encased skyscrapers that extend over 170 kilometres of desert and mountain terrain, ultimately housing nine million people, the kingdom's de facto ruler has announced. (Photo by NEOM / AFP) / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / NEOM" - NO MARKETING - NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS (Photo by -/NEOM/AFP via Getty Images)

Aug 7th 2022|DUBAI, MANAMA AND WASHINGTON, DC

In the north-western corner of Saudi Arabia, not far from the mouth of the Gulf of Aqaba, sits a patch of mostly bare desert—the ostensible location of Neom. This would-be city is intended to be a bold step into the future, and the showpiece of the kingdom’s attempt to diversify its economy away from oil. There has been talk of robots doing menial work, beaches lined with crushed marble and fleets of drones forming an artificial moon. One recent whim is to create the world’s longest buildings; like skyscrapers laid flat, these self-contained ecosystems would stretch for more than 100 miles. Estimates suggest the city could cost as much as $500bn.

This article appeared in the Finance & economics section of the print edition under the headline “Funding which future?”