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Saudi Arabian Neom project 'uses one fifth of steel'
The Neom giga-project in Saudi Arabia is currently using one fifth of all the steel produced in the world, an official said
The futuristic city will be the world’s largest customer for construction materials for several decades, said Manar Al Moneef, Neom’s chief investment officer. However, some projects have slowed down as Saudi Arabia’s Public Investment Fund (PIF) faces funding pressures caused by lower oil prices and pressure to funnel cash towards projects in Riyadh before the World Expo 2030 and the 2034 World Cup, both taking place in the Saudi capital. Dhiraj Joshi, a partner at the management consultancy Arthur D Little Middle East, said: “Projects like Neom, Oxagon, getting all the hotels ready in various parts, is a long-term investment strategy so there is no hurry [in] the next four or five years when we get done with Expo and World Cup.”
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