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Seems like McK is still making dough even though the initiative itself is underwater and unlikely to recover.
"Plagued by delays and cost overruns, the country, which has already shelled out $50 billion, could reportedly face another 55 years of construction, with an astonishing projected cost of $8.8 trillion, according to an internal audit presented to Neom’s board last summer. That’s more than 25 times Saudi Arabia’s annual budget, notes the Journal.
The situation is starting to resemble Saudi Arabia’s own Waterloo, with MBS misjudging the monumental challenges inherent in his strategy, much like Napoleon did before him. Among the harsh realities threatening to derail the project are insufficient labor, inadequate roads, and a lack of electricity.
There are some winners, however. Consulting giant McKinsey & Company is reportedly earning more than $130 million annually for its services, despite some controversy surround its role, given the firm’s involvement in both the planning and validation of some of the project’s financial projections, per the story. A McKinsey spokesman tells the WSJ the firm has “strict protocols to prevent conflicts of interest in our engagements."
The above is a paste from another article referring to the WSJ piece.
They ban PwC for hiring an audit guy, but keep McKinsey on the payroll after miscalculating the national budget expenditure by a few trillion
Search for it on Yahoo. They have a non-paywall version.
Coach
Has the fake moon been built yet though?
Coach
Hahahhahahaha that so funny
This article was wild. What a crazy way to set fire to billions of dollars.
Truly a shame and not necessary. Think if it was spent on usable infrastructure. At least if you wasted it you had something of use at the end instead of paying a bunch of consultants and moving sand around the desert.
Can someone post the article without the paywall