We are only 24 years into the century, but if you had to pick a candidate for the development of the century, it would have to be Saudi Arabia’s Neom. The city is part of Crown Prince Mohammed bin Salman’s Vision 2030 plan to diversify the country’s economy and reduce its reliance on crude oil sales. The original plans were grandiose and bordering on absurd, proposing a 660-foot-wide, 110-mile-long city called The Line, stretching from Neom Bay in the Red Sea to Tabuk, near the Jordanian border. The project was estimated to cost around $1.5 trillion and was scheduled to be completed in 2039.
From its inception, Neom has faced criticism for displacing indigenous people and skepticism about its viability. Now, as the project is behind schedule and not attracting the investment the Crown Prince had hoped for, the plans are being scaled back.
Instead of the car-free, carbon-free utopia that was initially promised, The Line has now been reduced by 98.6 percent to only 2.4 kilometers long. It appears that what remains of the project focuses on high-end tourism. Equinox Hotels has partnered to create a resort stretching over a lagoon like a bridge, and other hospitality brands like Marriott and Ritz-Carlton have also signed on to create resorts.
Neom might still secure the funding it needs to grow into its original design, but the prospects are not looking great. The Saudi Arabian government has been running a budget deficit since 2022. Concerns about the country’s financial viability, the dropping price of oil, and potential backlash from the international community have kept many financiers from backing the project. In the end, Neom might end up like many other smart city proposals, less of a revolutionary smart city and more of a novel destination for the world’s elite.
Insurance and Risk Technology
Amid Insurance Crisis, Property Owners Find New Ways To Save
Aerial imaging, using drones, airplanes, and satellites, is increasingly vital in property insurance for assessing risk and determining coverage, especially with climate change leading to more extreme weather events. This technology provides detailed, objective views of properties, particularly roofs, difficult to inspect manually. As weather-related risks grow, aerial imaging is expected to expand, offering better insights and more efficient risk assessment for insurers and property owners.
Amid Insurance Crisis, Property Owners Find New Ways To Save
Property owners are facing a crisis with rising insurance premiums due to climate events. To combat this, a Property Resilience Assessment (PRA) helps document risk mitigation and identify ways to reduce climate-related risks. PRA reports analyze construction, occupancy, protection, and exposure (COPE) data to improve risk assessments and inform insurance decisions. These assessments are becoming standard in acquisition due diligence and can aid in securing coverage by demonstrating effective risk management.
New Eyes in the Sky Are Helping Mitigate Natural Disaster Risk
As we brace for an intense hurricane and wildfire season, the insurance industry grapples with increasing natural disaster risks, prompting some companies to pull out of high-risk areas. New radar imaging technology offers a solution by providing real-time, accurate data on disaster progression, aiding emergency response, and informing future risk models. This technological advancement promises a more nuanced approach to disaster preparedness and recovery, potentially leading to better-designed structures and more informed insurance practices.
---
Autor(en)/Author(s): Franco Faraudo
Quelle/Source: propmodo, 24.07.2024
Bitte besuchen Sie/Please visit:
