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Currently, Saudi Arabia is actively implementing large-scale infrastructure projects to promote the realization of Saudi Arabia's "2030 Vision". The NEOM Future New City project is the core of the "2030 Vision" strategy. According to previous reports, Saudi Arabia CR1500T/1200Y-MS steel will invest over $1 trillion to transform a remote area located on the northwest coast of the Red Sea into a high-tech center, covering an area of approximately 26500 square kilometers.
According to JOIN WIN STEEL, in recent months, due to lower than expected government revenue, the Saudi government has been forced to reassess its goals and explore new financing strategies, reducing the scale of some originally planned projects. Finance Minister Mohammed Al Jadaan stated CR1500T/1200Y-MS steel at the World Economic Forum meeting in Riyadh that the NEOM being developed along the Red Sea coast is expected to receive 20% less funding than its target budget this year. Saudi Arabia is currently facing challenges and will change direction, make adjustments, extend some projects, reduce some projects, and accelerate some projects. It is reported that Saudi Arabia has reduced the mid-term target of "NEOM". The core of the project, "The Line," was originally planned to accommodate 1.5 million residents by 2030, but has now been adjusted to accommodate less than 300000 people.
In addition to the NEOM project, Saudi Arabia is actively developing 13 other large-scale construction plans or mega projects, such as the upcoming development of the Sindalah 7-star island resort this year, an entertainment city in the suburbs of Riyadh, multiple luxury island resorts in the Red Sea, and a range of other tourism and cultural destinations worth trillions of dollars. From the perspective of steel demand, the development of infrastructure projects may drive an overall increase in demand in the Saudi CR1500T/1200Y-MS steel market.
