Neom, the ￡1.2 trillion ambitious mega-city in Saudi Arabia, has already cost ￡40 billion, according to the project deputy CEO.

       Neom and the Line were discussed at the World Economic Forum's 'Neom progress update' panel in Davos, during which the project's deputy CEO and the Line's Chief Development officer provided some key updates.

       Initially aiming for 1.5 million residents by 2030, The Line now plans for fewer than 300,000 residents, according to a report from 2024, though the city plans to reach nine million in 100 years, said the Chief Development Officer.

       Neom Deputy CEO, Rayan Fayez, said during the panel: "It's important to highlight where we are today.

       "More than $50 billion has been spent so far building the basic infrastructure.

       READ MORE: Major update on Saudi Arabia ￡400bn mega-project to build incredible desert city

       "I want to emphasise that Neom is not a giga project or a real estate development project, Neom is an economy building exercise so it's creating a region within the Kingdom – diversifying the Kingdom's economy."

       Neom is just one of the 14 giga projects being developed in Saudi Arabia as part of the Saudi Vision 2030 plan to diversify the country's economy and shift away from its reliance on oil to develop its tourism industry.

       The mega-project plans to create tourist resorts, an industrial complex, a global trade hub, the linear city of the Line and includes the regions of Trojena, Magna, The Islands, and the Nature Reserve, and urban centres, The Line and Oxagon.

       The Line will stretch over 170 kilometers from the Neom mountains through the desert to eventually finish into the Red Sea.

       The mega-city plans to have no cars, streets, or carbon emissions, a completely glass-mirror exterior, and all basic services within a five-minute walk.

       Don't miss...

       Incredible ￡1.5 trillion city 'as big as Belgium' with no cars [REPORT]

       The incredible ￡4bn man made lake in new ￡1.2tn megacity [LATEST]

       The world’s 10 biggest mega-cities but number one is getting smaller [LIST]

       Dennis Hickey, Chief Development Officer of the Line, said: "Everybody wants to see things tomorrow, but we are building a whole new state, a whole new city, whole new infrastructure from scratch in a new part of the region, the kingdom. That’s our mission."

       He added: "It’s not about just building another city that houses people. It has to be themed, and it has to have a purpose."

       "When we talk about the vision of Neom, if you look at it, it is about being the land of the future.

       "It’s about building an economy for 100 plus years, which is driven by the sectors."

       Neom deputy CEO Rayan Fayez compared its significance to the difference between an old Nokia phone and a new iPhone, highlighting the transformative potential of the project.

       Despite initial plans being scaled back due to funding restrictions, the Saudi government aims to complete three miles of The Line's central segment by 2030 and has pushed full completion back to 2045.

       In October last year, allegations surfaced claiming that 21,000 migrant workers had died since the Vision 2030 project began in 2016, as reported by ITV’s documentary, Kingdom Uncovered: Inside Saudi Arabia.

       The Saudi Arabian National Council for Occupational Safety and Health said in a statement: "In reference to the misinformation circulating across various media platforms—particularly claims suggesting an increase in worker fatalities linked to working conditions in Saudi Arabia, accompanied by unfounded statistics lacking credible sources—the National Council for Occupational Safety and Health in Saudi Arabia unequivocally refutes these assertions.

       "The council affirms the work-related fatalities in Saudi Arabia is 1.12 per 100,000 workers. This figure positions Saudi Arabia among the lowest globally in terms of work-related fatalities."