Saudi Arabia's $500 billion project for the futuristic city of NEOM is one of the world’s most striking developments currently underway. However, the project’s financials might delay its progress, as the kingdom's state investment fund has yet to approve NEOM's budget for 2024, according to Business Insider. The Gulf kingdom has significantly lowered its population estimates for the new city.

According to a Bloomberg report, the multi-trillion-dollar investments for Crown Prince Mohammed bin Salman’s Vision 2030 project, with NEOM as its centerpiece, have started to raise concerns at the highest levels of the country’s government.

Saudi Arabia has been developing this megacity since 2017 in a desert area adjacent to the Red Sea. The nation has previously committed at least $500 billion to realize this vision and is seeking further investments.

The city is part of Prince Mohammed's Vision 2030 initiative, which aims to revolutionize Saudi society and reduce the nation's dependence on oil by shifting towards technology. Saudi officials have long touted the project as “the most ambitious in the world.”

On its website, NEOM is described by its planners as a place where residents can "dream freely." However, recent developments have led to a contractor dismissing workers at the site, Bloomberg reported, citing a document. This is unwelcome news for prospective residents hoping to follow their dreams.

This occurred after officials stated that some projects described in the Vision 2030 plan would be delayed. Experts express ethical concerns about the plans for the new city, with some suggesting that the city could become part of an extensive surveillance program.