Ryan Knutson

IRRs are basically the percentage of a project's costs that come back to you every year as profit. Now, a lot of what Saudi Arabia was spending on at Neom wasn't supposed to make money. It was infrastructure, stuff like roads and utilities. But other stuff definitely was supposed to be profitable, like the hotels or the apartments they were going to sell on the line.

As Neom's costs grew, Elliott's reporting shows that executives manipulated the IRRs to keep them around that 9% sweet spot.

As Neom's costs grew, Elliott's reporting shows that executives manipulated the IRRs to keep them around that 9% sweet spot.

As Neom's costs grew, Elliott's reporting shows that executives manipulated the IRRs to keep them around that 9% sweet spot.

Glamping, like this is sort of, you know, what do they call it? Glamorous camping, like sort of fancy tents.

Glamping, like this is sort of, you know, what do they call it? Glamorous camping, like sort of fancy tents.

Glamping, like this is sort of, you know, what do they call it? Glamorous camping, like sort of fancy tents.

Manipulating the IRRs meant that Neom's executives didn't have to confront their higher-ups, MBS in particular, with the realities of cost. An added dollar of projected cost could just be balanced out by another dollar of expected profit. They could keep the Neom dream going, buoyed by fuzzy math. Elliott says it's an arrangement that seemed to suit both MBS and the people working for him.

Manipulating the IRRs meant that Neom's executives didn't have to confront their higher-ups, MBS in particular, with the realities of cost. An added dollar of projected cost could just be balanced out by another dollar of expected profit. They could keep the Neom dream going, buoyed by fuzzy math. Elliott says it's an arrangement that seemed to suit both MBS and the people working for him.

Manipulating the IRRs meant that Neom's executives didn't have to confront their higher-ups, MBS in particular, with the realities of cost. An added dollar of projected cost could just be balanced out by another dollar of expected profit. They could keep the Neom dream going, buoyed by fuzzy math. Elliott says it's an arrangement that seemed to suit both MBS and the people working for him.

— Eliot calls it a mutual dance of delusion. Tony Harris has another term for it. The emperor has no clothes. To Tony, MBS was the emperor in the fable, parading around in the nude while his advisors complimented him on his new suit. And nowhere was this dynamic more evident than with the line, MBS's plan for those massive parallel skyscrapers running 106 miles into the desert.

— Eliot calls it a mutual dance of delusion. Tony Harris has another term for it. The emperor has no clothes. To Tony, MBS was the emperor in the fable, parading around in the nude while his advisors complimented him on his new suit. And nowhere was this dynamic more evident than with the line, MBS's plan for those massive parallel skyscrapers running 106 miles into the desert.

— Eliot calls it a mutual dance of delusion. Tony Harris has another term for it. The emperor has no clothes. To Tony, MBS was the emperor in the fable, parading around in the nude while his advisors complimented him on his new suit. And nowhere was this dynamic more evident than with the line, MBS's plan for those massive parallel skyscrapers running 106 miles into the desert.

Tony didn't work on the line, but the schools he was building were supposed to be housed in it. From the beginning, people at Neom had concerns about the line. You get a flavor of them in an internal document Rory and Elliot saw. They collected staff feedback on the design after MBS first proposed it.

Tony didn't work on the line, but the schools he was building were supposed to be housed in it. From the beginning, people at Neom had concerns about the line. You get a flavor of them in an internal document Rory and Elliot saw. They collected staff feedback on the design after MBS first proposed it.

Tony didn't work on the line, but the schools he was building were supposed to be housed in it. From the beginning, people at Neom had concerns about the line. You get a flavor of them in an internal document Rory and Elliot saw. They collected staff feedback on the design after MBS first proposed it.

People also singled out practical issues. The line would negatively affect Neom's wind farm.

People also singled out practical issues. The line would negatively affect Neom's wind farm.

People also singled out practical issues. The line would negatively affect Neom's wind farm.

According to Rory and Elliot's reporting, the answer is not so much. Instead, MBS's executives shielded him from the full scope of Neom's challenges and costs. To Tony, it was baffling.