Italian construction group Webuild has announced that the Saudi government has terminated its contract and cancelled three projects in NEOM, each of which had reached around 30% completion.

In a statement published on its official website, the company said it had been working on three major developments within the Trojena scheme—part of the Vision 2030 programme in Tabuk—including:

• three water dams;
• an artificial lake;
• the “The Bow” building.

Webuild said it is seeking:

• compensation for contract termination;
• reimbursement for the dismantling and withdrawal of equipment;
• payment of outstanding dues to thousands of workers who are to be laid off.

Saudi Arabia is facing a severe financial crisis, attributed to poor governance, weak planning, and the diversion of resources into image-driven projects. The situation has further deteriorated under US President Donald Trump, who imposed financial demands on the Kingdom exceeding $1 trillion in exchange for security protection.