PNN – Saudi Arabia abruptly canceled two major construction contracts on one of the world’s most ambitious projects and postponed plans to bring skiing to the desert kingdom, the Wall Street Journal reported.
According to the report of Pakistan News Network, The crisis caused by the Gulf War has set fire to Saudi Arabia’s dream of building “the region’s first outdoor ski resort” and halted billion-dollar projects.
Saudi Arabia abruptly canceled two major construction contracts on one of the world’s most ambitious projects and postponed plans to bring skiing to the desert kingdom, the Wall Street Journal reported.
The canceled contracts are part of the $38 billion Trojena project, a ski resort in a dry mountain.
Its managers once referred to it as “the first outdoor ski resort in the Persian Gulf” and a world-class center for winter sports and adventure.
Additional reports indicate that the Italian construction company has announced that the Saudi employer (NEOM) has withdrawn from the contract to build a system of three dams and a 2.8-kilometer freshwater lake in Troyena.
The contract, which was signed in January 2024, was worth about $4.7 billion and had about 30 percent physical progress by the time of termination.
The Malaysian company also announced the termination of its contract for steel structures at the Trojena ski village. The company stated in its announcement to the Kuala Lumpur Stock Exchange: We believe this happened due to the current geopolitical situation in the Middle East. The contract, which was signed in March 2024, was officially canceled on March 26.