Saudi Arabia Presents ‘The Line,’ an Icon for Nature Conservation

The Line pedestrian city in NEOM is the first model for preserving the planet in the world. (SPA)
The Line pedestrian city in NEOM is the first model for preserving the planet in the world. (SPA)
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Saudi Arabia Presents ‘The Line,’ an Icon for Nature Conservation

The Line pedestrian city in NEOM is the first model for preserving the planet in the world. (SPA)
The Line pedestrian city in NEOM is the first model for preserving the planet in the world. (SPA)

Saudi Crown Prince Mohammed bin Salman’s unveiling of plans to build a huge new zero-carbon city at NEOM, a mega project and a key pillar of Kingdom Vision 2030, has put the Kingdom at the forefront of countries pursuing the establishment of modern cities.

Located in northwestern Saudi Arabia, the project named “The Line”, will be home to a million people and have no cars and no streets, Crown Prince Mohammed bin Salman said.

Building The Line is set to cost between $100 to 200 billion. The Crown Prince confirmed that the backbone of investment would come from Saudi Arabia and the Kingdom's sovereign wealth fund – the Public Investment Fund (PIF) – as well as local and international investors for the NEOM project.

Positive reactions towards the new project flooded social media platforms.

According to the Crown Prince, the project was announced after three years of planning.

More so, he confirmed that communities at The Line will be powered by Artificial Intelligence and the city will comprise carbon-positive urban developments powered by completely clean energy.

The project will be an economic engine for the Kingdom and will drive diversification in line with the Vision 2030 reform program.

Construction of the revolutionary city will preserve 95% of nature within NEOM and will commence in the first quarter of this year.

The city will be a 170-kilometer belt of “hyper-connected future communities,” and will be built around the natural environment, confirmed the Crown Prince.

“We need to transform the concept of a conventional city into that of a futuristic one,” he added at an event to launch the city.

“By 2050, one billion people will have to relocate due to rising CO2 emissions and sea levels. 90% of people breathe polluted air,” the crown prince said.

“Why should we sacrifice nature for the sake of development? Why should seven million people die every year because of pollution? Why should we lose one million people every year due to traffic accidents? And why should we accept wasting years of our lives commuting?” he asked.

The pedestrian city will have services such as schools, health centers and green spaces, as well as high-speed public transportation. It also promises that everything anyone could need would be only a five-minute walk away.



OPEC Again Cuts 2024, 2025 Oil Demand Growth Forecasts

The OPEC logo. Reuters
The OPEC logo. Reuters
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OPEC Again Cuts 2024, 2025 Oil Demand Growth Forecasts

The OPEC logo. Reuters
The OPEC logo. Reuters

OPEC cut its forecast for global oil demand growth this year and next on Tuesday, highlighting weakness in China, India and other regions, marking the producer group's fourth consecutive downward revision in the 2024 outlook.

The weaker outlook highlights the challenge facing OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia, which earlier this month postponed a plan to start raising output in December against a backdrop of falling prices.

In a monthly report on Tuesday, OPEC said world oil demand would rise by 1.82 million barrels per day in 2024, down from growth of 1.93 million bpd forecast last month. Until August, OPEC had kept the outlook unchanged since its first forecast in July 2023.

In the report, OPEC also cut its 2025 global demand growth estimate to 1.54 million bpd from 1.64 million bpd, Reuters.

China accounted for the bulk of the 2024 downgrade. OPEC trimmed its Chinese growth forecast to 450,000 bpd from 580,000 bpd and said diesel use in September fell year-on-year for a seventh consecutive month.

"Diesel has been under pressure from a slowdown in construction amid weak manufacturing activity, combined with the ongoing deployment of LNG-fuelled trucks," OPEC said with reference to China.

Oil pared gains after the report was issued, with Brent crude trading below $73 a barrel.

Forecasts on the strength of demand growth in 2024 vary widely, partly due to differences over demand from China and the pace of the world's switch to cleaner fuels.

OPEC is still at the top of industry estimates and has a long way to go to match the International Energy Agency's far lower view.

The IEA, which represents industrialised countries, sees demand growth of 860,000 bpd in 2024. The agency is scheduled to update its figures on Thursday.

- OUTPUT RISES

OPEC+ has implemented a series of output cuts since late 2022 to support prices, most of which are in place until the end of 2025.

The group was to start unwinding the most recent layer of cuts of 2.2 million bpd from December but said on Nov. 3 it will delay the plan for a month, as weak demand and rising supply outside the group maintain downward pressure on the market.

OPEC's output is also rising, the report showed, with Libyan production rebounding after being cut by unrest. OPEC+ pumped 40.34 million bpd in October, up 215,000 bpd from September. Iraq cut output to 4.07 million bpd, closer to its 4 million bpd quota.

As well as Iraq, OPEC has named Russia and Kazakhstan as among the OPEC+ countries which pumped above quotas.

Russia's output edged up in October by 9,000 bpd to about 9.01 million bpd, OPEC said, slightly above its quota.