Saudi Arabia's $1 trillion giga project The Line is looking for investors after decreasing in size

Saudi Arabia has offered China the chance to invest in its futuristic urban area project estimated to cost $1 trillion.

A new urban project called NEOM is currently being constructed in Saudi Arabia's Tabuk Province, with the area set to include a Black Mirror-style smart city called The Line.

Saudi Arabia's plans for NEOM are already underway and have been taking impressive shape across the northern tip of the Red Sea.

So far, the project has received $500 billion in backing by the Public Investment Fund - Saudi Arabia’s sovereign wealth fund - and it's estimated as costing a staggering total of $1 trillion to build.

However, earlier this month, reports arose of the project having to be scaled back, knocking its estimates for the amount of people expected to be able to live in The Line by 2030 from 1.5 million to 300,000, Bloomberg reported, quoting a person 'familiar with the matter'.

And it would seem Saudi Arabia is also now looking to other countries for help financing the ambitious project.

The project is already underway (Instagram/ @discoverneom)

A series of presentations and meetings were held in China's capital of Beijing on 15 April alongside Shanghai on 17 April.

Organised in partnership with the China Council for the Promotion of International Trade (CCPIT) in Beijing and Shanghai, NEOM hosts showcased the 'on-the-ground progress' of the project so far, alongside 'milestones to date'.

NEOM's update on its website states: "The events highlighted opportunities for Chinese companies to engage and invest in NEOM, with a number of companies expressing significant interest and discussing tangible next steps with NEOM leadership."

And Saudi Arabia isn't just seeking help from China in the form of funding, but in the construction of the project too - 'over 100' Chinese construction companies reportedly present in the forum.

Saudi Arabia is seeking funding from Chinese investors (Instagram/ @discoverneom)

Nadhmi Al-Nasr, CEO, NEOM, said: "We are grateful to CCPIT Beijing and CCPIT Shanghai for supporting our visit to China and for the opportunity to present NEOM’s vision.

"To date, NEOM has already engaged with over 15 major Chinese businesses and invested in a number of Chinese startups to support the growth and diversification of NEOM. Collaboration with China will continue to play a vital role in the development of NEOM and we look forward strengthening our engagement with the country’s business community."

Production has started. (NEOM)

NEOM isn't just appealing to China to get involved in The Line though, it's 'global roadshow' also showcasing the project to other 'key international markets' including 'Seoul, Tokyo, Singapore, New York City, Boston, Washington, D.C., Miami, Los Angeles, San Francisco, Paris, Berlin, and London'.

NEOM adds: "The project is now open to global, regional and local investors/partners – especially those with a progressive approach."

Topics: Money, World News, Travel, China

Poppy Bilderbeck

Poppy Bilderbeck is a Senior Journalist at LADbible Group. She graduated from The University of Manchester in 2021 with a First in English Literature and Drama, where alongside her studies she was Editor-in-Chief of The Tab Manchester. Poppy is most comfortable when chatting about all things mental health, is proving a drama degree is far from useless by watching and reviewing as many TV shows and films as possible and is such a crisp fanatic the office has been forced to release them in batches.