Ryan Knutson

As Andy remembers it, Nadmi had called all of Neom's sector heads together. Andy, plus the heads of the sports sector, the health sector, biotech, energy. Nadmi's message?

Andy says he'd only managed to spend $200,000 or $300,000.

Andy says he'd only managed to spend $200,000 or $300,000.

Andy says he'd only managed to spend $200,000 or $300,000.

Why did they want you to spend so much money?

Why did they want you to spend so much money?

Why did they want you to spend so much money?

Money is being spent, and therefore we are working. Yes.

Money is being spent, and therefore we are working. Yes.

Money is being spent, and therefore we are working. Yes.

What were you spending money on in the time that you were there?

What were you spending money on in the time that you were there?

What were you spending money on in the time that you were there?

In 2024, Neom would conduct an internal audit, and the auditors would call out this culture of spending. They described Neom's CEO, Nadmi, as having a, quote, spend-the-budget strategy. But very little of that budget was actually going to build stuff. Instead, it was going to consultants. Remember, consultants had played a key role in the early days, coming up with ideas for Neom.

In 2024, Neom would conduct an internal audit, and the auditors would call out this culture of spending. They described Neom's CEO, Nadmi, as having a, quote, spend-the-budget strategy. But very little of that budget was actually going to build stuff. Instead, it was going to consultants. Remember, consultants had played a key role in the early days, coming up with ideas for Neom.

In 2024, Neom would conduct an internal audit, and the auditors would call out this culture of spending. They described Neom's CEO, Nadmi, as having a, quote, spend-the-budget strategy. But very little of that budget was actually going to build stuff. Instead, it was going to consultants. Remember, consultants had played a key role in the early days, coming up with ideas for Neom.

But years into the project, Neom had its own staff of experts, people like Tony and Andy. And still, Neom's executives leaned heavily on consultants. According to people familiar with Neom's spending... In a single year, Neom paid McKinsey $130 million and PricewaterhouseCoopers $260 million. Here's Tony again.

But years into the project, Neom had its own staff of experts, people like Tony and Andy. And still, Neom's executives leaned heavily on consultants. According to people familiar with Neom's spending... In a single year, Neom paid McKinsey $130 million and PricewaterhouseCoopers $260 million. Here's Tony again.

But years into the project, Neom had its own staff of experts, people like Tony and Andy. And still, Neom's executives leaned heavily on consultants. According to people familiar with Neom's spending... In a single year, Neom paid McKinsey $130 million and PricewaterhouseCoopers $260 million. Here's Tony again.

One reason, Tony eventually concluded, was that it was a way for Neom's bosses to protect themselves.