Hyundai on SAUDI VISION 2030 Intelligence Platform

The Contractor Graveyard: Who's Eating the Losses from Vision 2030's Collapse

Sun, 05 Apr 2026 00:00:00 +0000

NEOM contractor losses are concentrated around stalled logistics commitments, terminated Trojena construction work, cancelled tunnel packages, and exposed engineering and advisory contracts.

The Public Investment Fund’s $41 billion reduction in construction commitments — part of the broader $8 billion writedown and fiscal triage — did not evaporate into the desert. It landed on corporate balance sheets, earnings guidance documents, and backlog projections across the global engineering and construction industry. Every dollar that PIF pulled from the giga-project portfolio was a dollar that a contractor had been expecting to earn. The contractors did not choose the scale-back. They absorbed it.

Trojena: $6.85 Billion Cancelled in a Single Month

Sun, 05 Apr 2026 00:00:00 +0000

In the first week of March 2026, three contractor disclosures landed in sequence. Each used the careful, liability-conscious language of publicly listed companies describing events that, in plainer English, meant they had been fired. Webuild, Italy’s largest engineering group, announced that NEOM had terminated its $4.7 billion contract for three dams and a 2.8-kilometre freshwater lake at Trojena. The project had reached 30 per cent completion. Hyundai Engineering and Construction confirmed that NEOM had terminated its tunnel construction package, originally awarded in June 2022 for a $1 billion, 12.5-kilometre section. Eversendai Corporation of Malaysia reported the cancellation of its structural steel and fireproofing works for Trojena’s Ski Village resort.