Saudi Arabia's massive and futuristic Neom project, spearheaded by Crown Prince Mohammed bin Salman, is facing a severe financial crisis, with costs spiraling out of control. The project, which includes an all-encompassing resort, a second ski resort in the mountains, and the visionary 106-mile-long skyscraper complex known as "The Line," is struggling to stay afloat.

According to recent reports from the Wall Street Journal, the estimated capital expenditure required to bring Neom to its "final vision" by 2080 has skyrocketed to an eye-watering $8.8 trillion—more than 25 times the kingdom’s annual budget. In a troubling new twist, an audit has uncovered evidence of financial manipulation by some of the project's top officials to conceal the rapidly escalating costs. The audit highlighted "deliberate manipulation" aimed at presenting a more favorable financial picture to stakeholders, including the Crown Prince.

The financial troubles have been compounded by an attempt to inflate the projected profits from key developments, such as the ski resort and luxury hotels. For example, one hotel room, originally priced at $489 per night, was bumped to $1,866, while a “glamping” site saw its rates jump from $216 to $794. Consultants from McKinsey were reportedly involved in these efforts to artificially inflate the financial outlook.

Efforts to cover up these cost manipulation attempts were further exposed in internal communications, where officials were instructed to avoid mentioning costs ahead of crucial meetings. The escalating costs of "The Line" skyscrapers have also become a major sticking point, with the project's original 100-mile span now unlikely to be completed, and plans for the first phase cut down from ten miles to just 1.5 miles.

Despite these mounting obstacles, Crown Prince Mohammed bin Salman remains fiercely opposed to scaling down the project's grand vision, even pushing back against suggestions to reduce the height of the skyscrapers from 1,600 feet to 1,000 feet in an effort to cut costs.

As the project's financial and logistical issues mount, Neom's future remains uncertain, casting doubt on whether the ambitious dream of building a cutting-edge city in the desert can ever become a reality.