DSV (AO) | Buy | NEOM - The end of The Line

Research evidence excerpt

DSV (AO) | Buy | NEOM - The end of The Line

News comment

Release date: 28 May 2026

Marc Zeck, CFA

Equity Research Analyst

Buy + 49 69 7569 6323DSV mzeck@keplercheuvreux.com

Denmark | Transport Logistics MCap: DKK367.1bn Country Top Picks

Target Price: DKK2000.00 Bloomberg: DSV DC Reuters: DSV.CO

Current Price: DKK1567.00 Free float 83%

Up/downside: 27.6% Avg. daily volume (DKKm) 1,318.1

YTD abs performance -3.0% Market data: 27 May 2026

52-week high/low (DKK) 1902.50/1264.50

NEOM - The end of The Line

Key points:

According to multiple news reports, Saudi Arabia has stopped work on The Line, NEOM's flagship project, until at least 2030.

While The Line has already vanished from analysts' estimates for quite a while, the topic regularly resurfaces in discussions with

investors.

In our view, the latest news will be the last time we will talk about The Line. It has been a disappointing journey, and the sooner

the project is forgotten, the better.

What is NEOM/The Line

NEOM is a state-backed development programme in north-west Saudi Arabia and is one of the flagship assets of Crown Prince

Mohammed bin Salman’s Vision 2030 diversification agenda. The Line is NEOM’s most prominent component and was announced

in 2021 as a 170km linear city consisting of two parallel skyscrapers without cars or streets and powered by clean energy. The

original NEOM cost envelope was widely cited at around USD500bn, while later reporting suggested that the full build-out of The

Line alone could require more than USD1tn if the original design were pursued at scale.

Major milestones include NEOM’s launch in 2017, The Line’s official announcement in January 2021, the publication of its

mirrored-city design in July 2022, and the start of large-scale enabling works thereafter.