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Leaks reveal insiders’ growing uneasiness, which points to the elephant-in-the-room question: Will MBS’ grandiose venture bankrupt the kingdom?

Saudi private investors will also be encouraged to pitch in during a potential public listing of Neom in 2024. That raises questions about how consensual this private investment will be. Indeed, Saudi Arabia reportedly “bullied” several of the kingdom’s wealthiest families to become cornerstone investors out of “patriotic duty” in the IPO of Saudi energy firm Aramco in 2019.

a large chunk of Saudi money carefully set aside for decades to fund the transition to a post-oil era will pay for Neom's astronomical price tag. A bet on an unproven vision

60 skyscrapers that were built in Riyadh’s financial center are still standing largely empty.

Neom’s initial burst of economic activity, if unsustainable at a similar pace, would simply be "stealing" future economic benefits to create an illusion of growth right now

perhaps the motive is not sustainable growth at all, but creating what Pettis calls a "pyramid effect." This would be an attempt to copy monarchs of ancient Egypt who redistributed wealth to the population through jobs – paid laborers built Egyptian pyramids, not slaves. Although Saudi Arabia’s oil wealth is already redistributed to ordinary Saudis through public-sector jobs and subsidies, a large tranche is retained and stored in its sovereign wealth funds and U.S. Treasuries. In theory, flushing Saudi citizens with cash would stimulate the local non-oil economy. But in practice, the pyramid effect is likely to first and foremost cause economic leakages, as the kingdom imports most of what it consumes locally, including labor, despite the “Saudification” of the labor market being one of Vision 2030’s key priorities. Migrant workers account for about 77 percent of private sector jobs. At Neom, highly paid Western consultants are toiling to match MBS’ demands, and Asian low-income workers are building it, remitting Saudi money home.

Riyadh sweetened the project’s launch party with a flurry of social reforms, such as lifting the ban on women driving. (Saudi Arabia was the last country in the world to lift this kind of ban, and it didn’t do so as a principled stand on behalf of women’s rights.) The idea was not only creating a buzz among investors and the global public, but whipping up aspirational momentum among Saudis.

“Infrastructure spending is like doing lines of cocaine; you have to do bigger and bigger and bigger lines just to feel high,”

MBS, high on his visionary self-branding and his concentration of power, may have to pay the costs of bankruptcy – whether by admitting full responsibility or via a renewed deployment of decidedly imperious and despotic tactics to crush dissent. The latter path is, of course, what the late Shah of Iran chose, with notorious results.