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Saudi Arabia aims for AI leadership despite Neom setbacks

Nov 13, 2024 - businessinsider.com
The CEO of Neom, Saudi Arabia's futuristic city project, has stepped down, marking another setback for the country's Vision 2030 plan to diversify its economy from oil and boost tourism. The ambitious project, which includes the construction of twin mirrored skyscrapers known as "The Line", has faced criticism and mockery, with estimates for its completion swelling to $1.5 trillion. Saudi Arabia has already invested $1.3 trillion in the wider Vision 2030 project, but foreign investments have not met expectations, leading the country to seek financial assistance from China.

In other news, President-elect Donald Trump has appointed Elon Musk and businessman Vivek Ramaswamy to lead a new Department of Government Efficiency. TikTok and its owner ByteDance reportedly hired over 600 Chinese staff on US H-1B visas in 2023, a 50% increase from the previous year, despite national security concerns. Meanwhile, the US housing market is seeing the highest number of new homes since 2009, but many may not be sold to prospective homeowners due to high demand for rentals.

Key takeaways:

  • The CEO of Saudi Arabia's futuristic city, Neom, has stepped down, marking another setback for the country's Vision 2030 plan to diversify its economy and become an attractive tourist destination.
  • Saudi Arabia's plans for Neom have swelled to an estimated $1.5 trillion, with the country already investing $1.3 trillion in the wider Vision 2030 project. The Kingdom is now looking to China for financial assistance.
  • Elon Musk and businessman Vivek Ramaswamy have been appointed by Donald Trump to lead a new Department of Government Efficiency.
  • TikTok and its owner ByteDance hired more than 600 Chinese staff on US H-1B visas in 2023, a 50% increase from the previous year, despite national security concerns.
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