NEOM project
What is the NEOM project and where is NEOM located?! The NEOM project, which became famous and a lot of talk about the NEOM project, here is a summary of the story.
The NEOM project is a bold and ambitious dream for a new future. NEOM is the beginning of change that will embody the future of innovation in business, living, and sustainability. NEOM represents one of the major projects of the Public Investment Fund.
NEOM's strategic location on the Red Sea coast, northwest of the Kingdom of Saudi Arabia, will build NEOM to be a lively and vibrant field of experiences and become a global platform where entrepreneurship and innovation shape the new future.
NEOM will open its doors to be a home and destination for people with big dreams, and for everyone who aspires to contribute to building a new model of sustainable and prosperous living.
The concept of NEOM is not limited to place only, but rather it is an intellectual orientation and lifestyle. The design, creation and management of this model is based on a method freed from the restrictions of old methodologies for economic and environmental infrastructure that limit other countries around the world from progress.
The NEOM project, under the umbrella of Saudi Vision 2030, will achieve three main goals: achieving exceptional living, a thriving business environment, and reinventing the concept of sustainability.
Saudi Crown Prince Mohammed bin Salman announced the launch of “The Line” city project, to be the first major development project in the “NEOM” investment region in the Kingdom of Saudi Arabia.
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Bin Salman, who chairs the Board of Directors of NEOM, announced last October a project to establish a commercial and industrial investment zone on the northwestern coast of the Red Sea bearing the name NEOM.
German Klaus Kleinfeld initially headed the project, but was recently appointed to the position of advisor to the Saudi Crown Prince. However, he will retain his membership in the founding council of NEOM.
The project comes within the framework of an ambitious strategy pursued by Saudi Crown Prince Mohammed bin Salman, with the aim of achieving economic openness, reducing dependence on oil revenues, and easing strict social restrictions.
The plan to create this huge investment zone was revealed at the investment conference hosted by Riyadh in October, entitled “The Future Investment Initiative,” which included about 3,000 senior investors and politicians.
- Information about the NEOM project:
. The cost of the NEOM project is about $500 billion.
. The NEOM project is located on the Red Sea and the Gulf of Aqaba with a total area of 6,500 square kilometers.
. The NEOM project extends from the northwest of the Kingdom and includes lands within the Egyptian and Jordanian borders.
. Saudi Arabia has established a special body to supervise the “NEOM” project, headed by the Crown Prince, and it will be supported by the Public Investment Fund, in addition to local and international investors.
. Saudi Arabia and Egypt have established a joint fund worth $10 billion to develop lands on an area of more than a thousand square kilometers in South Sinai within the NEOM project. A Saudi official told Reuters that the Riyadh portion of the joint investment fund will be cash to help develop the Egyptian side of the NEOM project. .
. The project will rely on renewable energy sources only.
. According to the Saudi official who spoke to Reuters, the Kingdom will establish 7 marine tourist attraction points between cities and tourist projects in NEOM, in addition to 50 resorts and 4 small cities in a separate tourism project in the Red Sea, while Egypt will focus on developing the resorts of Sharm El-Sheikh and Hurghada.
. The NEOM project will focus on 9 specialized investment sectors.
. The project is a special investment zone exempt from the country’s normal regulations and laws, such as taxes, customs, labor laws, and other legal restrictions on businesses, except for sovereign regulations, which will allow the region to have the ability to manufacture products and provide services at globally competitive prices.
. The first phase of the project ends in 2025, and the project is expected to be completed within a period ranging between 30 and 50 years.
One of the most prominent features of The Line is that it is a city that includes interconnected cognitive communities enhanced by artificial intelligence. The Line project preserves 95% of nature in the lands of NEOM. The Line project in NEOM is a million-person city that preserves nature with a length of 170 kilometers.