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65-705: On 14 March 2021, Alawwal was fully merged with SABB . It began as a branch of the Netherlands Trading Society in 1926 to serve the Hajj pilgrims from the Dutch East Indies , now Indonesia , and operated out of one office in Jeddah. As it was the only bank in the Kingdom at the time, it acted as the central bank, keeping the Kingdom's gold reserves and receiving oil revenues on behalf of

130-487: A "dystopian" facility. They were concerned that the utopian idea of The Line will harm the environment. Besides, it will also impact the movement of birds and other animals. A senior adviser to the New Urban Mobility Alliance, Carlos Felipe Pardo said, "This seems impossible, greatly limited or just plain artificial." The project also remained questionable due to the possibility of its completion. It

195-537: A Ph.D. student of Leeds University , was in Saudi on vacation since the end of 2019. In January 2021, she was detained for her activity on Twitter, where she followed and retweeted activists and dissidents. She was sentenced to six years at the end of 2021, but the sentence was increased to 34 years after she appealed. The court also ruled for a subsequent 34-year travel ban, confiscation of her mobile phone, and for her Twitter account to be "closed down permanently". Shehab

260-526: A contract worth $ 1.7 million, despite the ongoing COVID-19 crisis. After the assassination of Jamal Khashoggi , there has been a general reluctance among the international community to invest in Saudi Arabia. In addition, assets were moved overseas and the Gulf became economically unattractive. Despite this, foreign investments in the country rose in 2018 by 110% over the previous year, according to

325-407: A fee of $ 80. The visa can be either obtained online (eVisa) or on arrival. Some of the other major projects to be developed are listed in the table below: To achieve the strategic goals and targets of Vision 2030, thirteen programs called Vision Realization Programs (VRPs) were established. The VRPs were presented by Council of Economic and Development Affairs (CEDA) on 24 April 2017: The plan

390-470: A merger proposal from both sides in order to create Saudi Arabia's third largest bank. On 16 June 2019, the merger was legally completed. The integration was planned to completely took place in about 18 months, which will result in retention of the brand name " Saudi British Bank " only. On 14 March 2021, Alawwal was fully integrated in to SABB. SHB is organized into three main business segments: Corporate Banking, Personal Banking and Treasury. In addition,

455-657: A net income of $ 111.1 billion in 2018. In June 2019, the Financial Times reported that Aramco is striving to separate its association with the Ministry of Investment , ahead of its potential listing. The company had been paying Ministry-related expenses, according to unnamed sources. The report revealed that Khalid Al-Falih had been using the company's revenues for his expenses, either directly relevant to Aramco or otherwise diplomatic. However, Falih's ally stated that his policies have brought in greater revenues for

520-421: A research paper written by Jane Kinninmont for Chatham House , the structural disadvantages of the country such as weak institutions, inefficient bureaucracy, and significant skill gaps between labor demands and the education system hinder the growth prospects of the country. Rebalancing the job market in the private sector will also prove to be a challenge since it is currently mostly staffed by expatriates. One of

585-421: A robust and compliant construction environment. Vision 2030's "Giga Projects" are central to Saudi Arabia's development strategy, aiming to stimulate economic growth, technological advancement, and sustainability. These mega-developments, including NEOM and The Red Sea Project, demand innovative project management and skilled labor. The government's substantial investments in infrastructure are expected to boost

650-590: A smooth and efficient expansion process. This partnership model highlights the benefits of local expertise in facilitating market entry for international firms. The legal framework governing construction in Saudi Arabia combines Shari'ah principles with international standards, particularly FIDIC contracts. Shari'ah mandates transparency and fairness, while FIDIC contracts provide a standardized approach to risk allocation and contract terms. This dual legal system ensures that construction projects adhere to both local cultural values and international best practices, fostering

715-487: A technical services agreement with the bank. HSBC Holdings of Britain held a 49% stake in the joint venture with SABB holding 51% until October 2019 when HSBC Group acquired shares from SABB to become the major shareholder with a 51% stake. On May 16, 2018, SAB, formerly known as SABB, and Alawwal Bank (formerly Saudi Hollandi Bank) entered into a non-binding agreement on a deal for SABB to acquire Alawwal. The agreement concluded nearly one year of negotiations, and SABB

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780-415: A woman can travel. The app also sends alerts to men's phones if a woman uses her passport at the border. The European Parliament and United States Congress condemned the app and urged the Kingdom to abolish its male guardianship system. In August 2019, Saudi Arabia lifted travel restrictions on women and granted greater control to those above the age of 21. As part of its plan to modernize, Saudi Arabia

845-717: Is a Riyadh -based Saudi joint stock company in which global banking group HSBC owns a minority stake. The bank traces its origins to the British Bank of the Middle East which was acquired by HSBC in 1959. In response to restrictions on foreign ownership of banks in Saudi Arabia , Saudi Arab British Bank ( SABB ) was created in 1978 to manage HSBC branches and assets in the country. In May 2018, prompted by recent changes to Vision 2030 economic reforms, SABB announced its intention to acquire Alawwal Bank in

910-445: Is individually responsible for its budget and objectives. To achieve the strategic objectives of Vision 2030, new government entities were created, and existing entities were reorganized and/or merged. The IMF 's report on Saudi Arabia a few months following the announcement of Vision 2030 explained that the fiscal deficit in the Saudi economy would continue to narrow in 2016. It also claimed that recent, major government deposits at

975-406: Is poised for significant growth driven by Vision 2030, which emphasizes urbanization and economic diversification. Major infrastructure projects, such as the $ 500 billion NEOM smart city and The Red Sea Global, are creating substantial demand for construction services. The Saudi government is actively welcoming foreign investment and offering incentives to international construction companies, making

1040-454: Is supervised by Crown Prince and Prime Minister Mohammad bin Salman. Overall, Vision 2030's directions and decision-making roles lie within a Council of Ministers and a Council of Economic and Development Affairs (CEDA). CEDA's director, as well as the managers of the first 12 Vision Realization Programs, ensure proper adherence to the plan on the five-year level. Annually, each entity concerned

1105-612: The Financial Times , the Los Angeles Times , and Huffington Post also withdrew as partners. On 7 June 2016, the Council of Ministers approved the National Transformation Program which set out the goals and targets to be achieved by 2020. It is the first of three 5-year phases. Each phase will contribute towards achieving a number of goals and targets that put the Kingdom on track to reach

1170-607: The Middle East , which became British Bank of the Middle East (BBME), opened branches in Jeddah and Khobar in 1950. The Jeddah branch in particular depended for its profits on the Hajj , the Muslim pilgrimage to Makkah (Mecca). Hongkong and Shanghai Banking Corporation ( HSBC ) acquired BBME in 1959. In 1976 the central bank enacted its sweeping policy of banking sector Saudization to address foreign banks' domination of

1235-583: The Ministry of Economy and Planning . In 2021, Saudi Arabia hired the Boston Consulting Group , and some other Western consultants, regarding its interest in bidding to co-host the 2030 FIFA World Cup . These companies were given the responsibility of analyzing the possibilities of a Saudi bid. However, the bid was ultimately unsuccessful. Yet, uncertainties remained as Mohammed bin Salman maintained close ties with FIFA's President Gianni Infantino , and in 2023, Saudi Arabia eventually secured

1300-713: The Saudi Arabian Monetary Agency and a Sharia Supervisory Committee. This ensures that SAB Islamic Financial Solutions conforms to strict adherence to the principles of Sharia. In August 2011, Fitch Ratings gave SAB's long-term issuer default rating (IDR) at “A” with a stable outlook as well as The Viability Rating (VR) has also been affirmed at “A”. In October 2018, in anticipation of its pending merger with Alawwal Bank, Moody’s reaffirmed local and foreign currency deposit ratings of SAB at A1/P-1 and Alawwal Bank at A3/P-2, respectively. Saudi Vision 2030 [REDACTED] Member State of

1365-565: The Saudi Arabian Monetary Authority (SAMA) acted as policy buffers to smooth the transition that the plan requires. In 2016, the IMF publicly warned that Saudi Arabia risks having no more foreign reserve currency within a 5-year period. In 2017, it projected that SAMA's net foreign assets would continue to decline, though remaining at a "comfortable level". It expects that the fiscal deficit will continue to improve over

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1430-671: The Saudi Arabian government . In 1928 the Saudi Riyal , a new silver coin commissioned by King Abdulaziz , became the Kingdom's first independent currency. The Netherlands Trading Society office in Jeddah assisted the government with the launch of the local currency. In 1954 the Netherlands Trading Society expanded its operations in the Kingdom by opening two additional branches, in Khobar and Dammam , in

1495-660: The Saudi government . The Council of Ministers has tasked the Council of Economic and Development Affairs (CEDA) with identifying and monitoring the mechanisms and measures crucial for the implementation of "Saudi Arabia's Vision 2030". Despite efforts to reduce Saudi dependence on oil, as of 2022 , Saudi Arabia remains heavily dependent on oil revenue, as measured by its contribution to gross domestic product (GDP), fiscal revenue, and exports. Oil accounted for approximately 40% of Saudi GDP and 75% of its fiscal revenue. Additionally,

1560-561: The sovereign wealth fund . Another major aspect is to lower the dependency of the country's citizens on public spending by spending on subsidies, higher salaries, and increasing the portion of the economy contributed by the private sector to provide more employment opportunities. The goals in Saudi Vision 2030 could be compared with other development plans in the Middle East, such as Kuwait Vision 2035 , Egypt Vision 2030 and UAE Vision 2021. The vision has three main pillars: to make

1625-512: The 87th anniversary of the founding of the country with concerts and performances. Women were for the first time allowed into Riyadh's King Fahd International Stadium . On 5 March 2018, the General Sports Authority announced a 10-year partnership with American professional wrestling promoter World Wrestling Entertainment (WWE) to hold annual pay-per-view events in Saudi Arabia. The first event, Greatest Royal Rumble ,

1690-507: The Arab League Saudi Vision 2030 ( Arabic : رؤية السعودية ٢٠٣٠ ruʾyat al-suʿūdiyah alfayn thalāthūn , sometimes called Project 2030 ) is a government program launched by Saudi Arabia which aims to achieve the goal of increased diversification economically, socially, and culturally, in line with the vision of Saudi Crown Prince and Prime Minister Mohammed bin Salman . It was first announced on 25 April 2016 by

1755-573: The Bank provides brokerage, asset management and investment banking services through its subsidiary Saudi Hollandi Capital. Saudi Hollandi Bank has over 265 ATMs, 6 Business Banking Centres, 30 Preferred Banking Centres and 45 branches across the kingdom, in which 16 are women-only sections. Amongst Saudi Hollandi’s ATMs are Teller Cash Recycling machines (TCR). Preferred Banking Centers are for Saudi Hollandi’s VIP clients. SABB (Saudi bank) Saudi Awwal Bank ( SAB ; Arabic : البنك السعودي الأول )

1820-624: The Eastern Province. In 1969, ABN Bank , the successor of the Netherlands Trading Society, was one of the first foreign banks to implement the Saudization initiatives set forth by the Saudi Arabian Monetary Agency (SAMA) and became the model for other foreign banks in the Kingdom. In 1977, the Saudi Hollandi Bank was established as a joint-venture company with a paid-up capital of SAR 35 million. The branch network

1885-542: The Jeddah Central Project launched in December. The demolitions affected 558,000 people in more than 60 neighbourhoods. Amnesty International confirmed through official documents that some of the residents were notified about evictions only 24 hours before, while others were between 1–6 weeks. In some cases "evacuate" was written on the buildings, while the state media and billboards informed others about

1950-506: The Kingdom an attractive destination for expanding operations. Grankraft, a leader in customized construction, recently expanded into Saudi Arabia , leveraging the opportunities presented by Vision 2030. Their landmark project, the Sheybarah Hotel, showcased their expertise and underscored the importance of having a local market entry partner like AstroLabs. AstroLabs assisted Grankraft in navigating regulatory requirements, ensuring

2015-542: The Kingdom's alleged involvement in Jamal Khashoggi's murder , many international companies have backed out of the conference. Google Cloud , KKR , Ford Motor , JPMorgan Chase , BlackRock , Uber and Blackstone all withdrew their CEO/chairmen's names from the summit that was held on 23 October 2018. Major media houses including CNN , Bloomberg , CNBC , the New York Times , Fox Business Network ,

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2080-413: The Kingdom's efforts to stage major sports events, particularly after the assassination of Jamal Khashoggi . On 24 November 2024, Jeddah hosted the lucrative Indian Premier League auction as Saudi Arabia Cricket Federation mentions strengthening cricket's position on global stage, on line with Vision 2030. In October 2021, Saudi authorities initiated a large-scale demolition and eviction plan for

2145-641: The Middle East. In November 2016, Saudi Hollandi Bank changed its name to Alawwal Bank as part of a new corporate identity that will be rolled out over the next three months, according to a statement. Alawwal, meaning “The First” in Arabic, which refers to the bank’s status as the first bank to launch in the country in 1926. On 4 October 2018 Arab News reported that the Alawwal Bank and the Saudi British Bank (SABB) are about to become one with

2210-461: The NTP. Other criticisms have been regarding the lack of information about the detailed plans to accompany the intended transformation. Certain journalists speculated that the plan's goals were overly Saudi Ambitious Move: Leading The Way In AI At FII Miami Summit, and noted that non-oil growth so far was insufficient and would threaten the plan's successful implementation. One report felt that despite

2275-501: The Saudi banking sector's first merger in twenty years. On June 16, 2019, the official legal merger of Saudi British Bank and Alawwal Bank was completed, making the two banks one legal entity. The bank adopted its current name following the completion of the merger. SAB is one of the five largest Saudi banks by deposits, and has over eighty branches across Saudi Arabia and one branch in London , England . The British Bank of Iran and

2340-516: The U.S. conservative think tank Middle East Forum , to have the 2030 plan succeed ignoring the relationship between economic and political development is no longer a viable option, the developments required to increase the GDP as planned will encourage the breakage of the tribal system taking place. Another aspect is the "zero tolerance to corruption" that may be very difficult to achieve with a "society where family, tribal, and regional ties are stronger than

2405-449: The bank's employees and its customers. At the end of June 2010, the bank's paid-up capital amounted to SAR 3,307 million. Saudi Hollandi Bank employs 1,417 staff with a Saudization ratio of over 87.44% and operates 43 branches, 15 Ladies Sections, 30 Preferred Banking Centres and 246 ATMs providing banking services throughout the Kingdom. In June 2011, Saudi Hollandi Bank Launched The First MasterCard World Credit Card With A Silver Mark in

2470-543: The coming years, also noting that non-performing loans remained low, despite a slight increase in 2017. Over 300 specific targets for 2020 have been announced across 25 government entities as part of the National Transformation Plan (NTP). The NTP brings over 150 expected initial public offerings. However, reports noted the "key person dependency" on Crown Prince Mohammad bin Salman of the Vision and

2535-509: The construction of new movie theaters in the country, with the first new theatre, owned by AMC Theatres , opening on 18 April 2018 in Riyadh. In 2019, a winter festival known as Riyadh Season was first held in support of Vision 2030, including various concerts, entertainment events, attractions, and cultural pavilions, such as the MDLBeast "SoundStorm" electronic music festival , and

2600-404: The construction sector's market size to $ 91.36 billion by 2029, with an annual growth rate of 5.37%. This boom underscores the need for sustainable practices, advanced construction technology, and local talent development to meet the ambitious goals of Vision 2030. In early 2017, Saudi state schools announced that they would be offering physical education classes to both boys and girls starting in

2665-685: The country the "heart of the Arab and Islamic worlds", to become a global investment powerhouse, and to transform the country's location into a hub connecting Afro-Eurasia . The plan is supervised by a group of people employed under the National Center for Performance Measurement, the Delivery Unit, and the Project Management Office of the Council of Economic and Development Affairs. The National Transformation Program

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2730-515: The country's first official New Year's Eve event at Boulevard Riyadh City . In January 2020, Saudi Arabia unveiled plans to build a new racing circuit in Qiddiya designed by former Formula One driver Alexander Wurz , aiming to host F1 or MotoGP events as early as 2023. In November 2020, it was announced that a circuit was being developed in Jeddah to host the inaugural Saudi Arabian Grand Prix in 2021. Saudi Arabia's construction sector

2795-620: The current government in the Kingdom and its leader Crown Prince Mohammed bin Salman…the disappearance of journalist Jamal Khashoggi, if proved true, would clearly change the ability of any of us in the West to do business with the Saudi Government." In May 2016, a General Authority for Entertainment was announced by royal decree, into which over $ 2 billion have been invested. In Riyadh, the first public live music concert in over 25 years

2860-408: The demolitions to others. The state media was also spreading a narrative about the residents, stating that the majority of them were undocumented. It was claimed the neighbourhoods were "rife with diseases, crime, drugs and theft". In January 2022, Saudi authorities announced a compensation scheme, which didn't cover the foreign nationals that accounted for 47% of those evicted. The compensation value

2925-465: The difficulties is that the private sector has lower salaries and expats are easier to hire and fire. Currently, twice as many Saudi nationals work in the public sector as in the private sector. The challenge lies in getting a larger portion of nationals to accept lower-paying jobs with more hours than typical public jobs. The private sector must also be moved away from business activities that require very low-cost labor. According to Hilal Khashan, from

2990-567: The fall of 2017. Later that year, the state announced that they would allow women to attend sports events, including those inside sports stadiums. On 26 September 2017, a royal decree was issued granting women the right to drive vehicles which took effect in June 2018. While changes to the law have been implemented for the welfare of women, some argue more progress still needs to be made. The case of Israa al-Ghomgham came to light after she and her husband were arrested in December 2015 for calling for

3055-533: The firm. The two massive tourism projects along the Red Sea planned by the Saudi government were to be run under the directorship of Richard Branson . On 11 October 2018, Branson stated that he is suspending his advisory role for the two projects amidst the Jamal Khashoggi murder. Branson also suspended talks with the Saudi government about investment in Virgin Galactic . He said he had "high hopes for

3120-434: The goals of the government since the 1970s. Oil and other natural wealth in countries that depend on these resources as a major source of income have been described as the " resource curse ". However, the implementation of this goal has been unstable and remains largely dependent on the price of oil. The core priority is to be able to develop alternative sources of revenue for the government, such as taxes, fees, and income from

3185-403: The national plan's overall forward-thinking direction, "political reform appears to be absent from the policy agenda". Reactions were mixed following the announcement that Saudi Arabia would lift the driving ban on women. Similarly to the overarching Vision 2030, some understood the announcement via royal decree as acquiescing to outside pressure, while others applauded the move. According to

3250-461: The nebulous conception of state identity". The hosting of sporting events in Saudi Arabia under the strategy have been described as attempts to sportswash the country's human rights record. In June 2020, following the killing of Abdulraheem al-Huwaiti of Huwait tribe, Saudi Crown Prince Mohammed bin Salman , hired a US Public Relations and Communications firm Ruder Finn , to counter the negative aspects of NEOM City project. The country signed

3315-530: The program is facing strong criticism from human rights advocates, with allegedly over 21,000 workers having died on the job in program-related projects between 2017 and 2024, according to a 2024 investigation. Oil accounts for 43% of Saudi Arabia 's real GDP . The contribution of oil revenue to Saudi GDP varies each year due to fluctuations in oil prices, but averages at 40% in the years prior to 2022. Oil accounts for an average of 75% of fiscal revenue. Decreasing this dependence on oil resources has been one of

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3380-424: The release of political prisoners and an end to anti-Shia government discrimination. Saudi prosecutors are seeking death penalty for Ghomgham. In 2019, the government-based web application Absher gained media attention and was criticized for tracking the movement of the women of the kingdom. The app, which promotes a male guardianship system, allows men to manage women's lives digitally by specifying where and when

3445-566: The rights to host the 2034 FIFA World Cup by itself. For the Vision 2030 program, Saudi has a major focus on sports, where it successfully signed contracts with Italy and Spain to host their domestic cup finals. In October 2021, as a part of a consortium, the PIF obtained an 80% stake in Premier League club Newcastle United , following a previous failed takeover attempt in 2020. Moreover, human rights groups have also been vocally opposing

3510-555: The sector and its impact on the Saudi economy . Consequently, it directed all foreign bank branches to incorporate in Saudi Arabia (i.e., become Saudi companies with Saudi capital) and limited their parent companies to ownership of forty percent of these new entities. As a result, HSBC was incorporated in Saudi Arabia in 1978 and opened up to local ownership, renaming itself the Saudi Arab British Bank (SABB). Ownership became 60% Saudi and 40% HSBC, and HSBC has

3575-460: The ultimate goals of Vision 2030. In addition, to assist the Kingdom in financing the projects to be developed and facilitate the process of achieving goals and targets, Crown Prince Mohammad bin Salman announced in January 2016 that an IPO of Saudi Aramco would take place. However, only 5% of the company will be made public. In March 2019, Aramco released its financial statements, disclosing

3640-412: Was adopting changes to enhance women's rights and gender equality. However, the country was being criticized, where human rights groups said that all its efforts "are not serious and fall within the whitewashing campaigns it is carrying out to improve its human rights record". It was after Saudi authorities detained a 34-year-old woman, Salma al-Shehab , and sentenced her to 34 years in prison. Shehab,

3705-591: Was announced one week after the Saudi government launched the Financial Sector Development Program, an executive program aimed at overhauling the Saudi financial sector to create an effective capital market capable of supporting the goals of the Vision 2030 economic reform plans. The merger of the two banks was completed on 16 June 2019. The integration of the two banks was planned to be completed in about 18 months. The integration

3770-495: Was completed in 18 months, which resulted in the retention of the brand name " Saudi British Bank ". On 14 March 2021, Alawwal & SABB fully integrated in historic bank merger. The combined bank uses HSBC's familiar hexagon logo and typeface in its branding. SAB offers services in investment banking , commercial banking , private banking and Islamic banking . SAB Islamic Financial Solutions (Arabic: الحلول المالية الإسلامية), which are part of SAB services, are regulated by

3835-522: Was designed and launched in 2016 across 24 government bodies. Saudi Vision 2030 lays out targets for diversification and improving competitiveness. It is built around three main themes which set out specific objectives that are to be achieved by 2030: The Public Investment Fund organizes an annual investment forum, the Future Investment Initiative , in Riyadh. However, amid the rising controversy and escalating tensions due to

3900-560: Was expanded to include Riyadh, Jubail, Makkah, Hofuf, Madinah, Qatif and other regions. In 2009, the bank opened its new operations center Al Waha, which houses the bank's centralised operations functions as well as the SHB Academy. Also in 2009, SHB was the first bank in the Kingdom to deploy the automated Teller Cash Recycling machines (TCR), which was introduced to enhance the Open Branch concept that allows direct contact between

3965-455: Was held in May 2017, which featured American country musician Toby Keith and Saudi singer Rabeh Sager . In April 2017, the government announced a 334 square kilometres (33,400 ha) sports, culture, and entertainment complex at Al-Qidiya, south-west of Riyadh . The project will include a Six Flags theme park, due to open in 2022. As a component of Vision 2030, there was a celebration of

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4030-523: Was held on 27 April 2018 at King Abdullah Sports City in Jeddah . Due to restrictions on women's rights, WWE's female performers were not initially featured in these events. During Crown Jewel on 31 October 2019, Lacey Evans and Natalya participated in the first women's professional wrestling match to be held in Saudi Arabia. In observation of conservative dress, they both wore black leggings and T-shirts over bodysuits instead of their normal ring attire. Saudi Arabia lifted its 35-year moratorium on

4095-411: Was reported on a Saudi-based crime-reporting app, Kollona Amn, or We Are All Security, by a user. Rights groups condemned Shehab's sentence, which they called evidence of Prince Mohammed's crackdown on dissent. To advance the Saudi Vision 2030, Saudi Arabia formally announced on 27 September 2019 the issuance of the tourist visa allowing visitors from 49 countries to visit the country up to 90 days for

4160-406: Was represented by U.S. investment bank Goldman Sachs in the transaction. Alawwal Bank, as per agreement,ceased to exist as a legal entity and was absorbed into SABB, creating Saudi Arabia's third largest bank with a market cap of $ 17.2 billion. SABB shareholders owned 73 percent of the new bank, which is chaired by Saudi businesswoman Lubna Al Olayan . The final agreement on the merger deal

4225-550: Was to be appraised after the demolitions. Residents said the communities were being "destroyed" and it was difficult for the migrants to afford alternate housing. Some even complain about delays in compensation. In July 2022, Mohammed bin Salman released a promotional video, taking further the plans to build a 105-mile-long linear city, dubbed as The Line . Part of Neom, the project was designed to incorporate flying cars, robotic maids, and an artificial moon between two parallel mirrored buildings. However, critics said it will create

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