Saudi Arabia announces first phase of NEOM project starts
Saudi Arabia announced that it will start developing the first urban area of NEOM, the Kingdom’s planned $500 billion mega city.
Prince Mohammed bin Salman approved the masterplan concept for NEOM Bay. It will include homes, lifestyle and tourist facilities and innovation centers. The development is expected to focus on luxurious living, and will include high-end hotels and villas.
Construction work is expected to start in the Q1 2019. It will be completed in 2020. The total value of the NEOM Bay development has not been disclosed. In addition, NEOM has financial support of over $500 billion from the Public Investment Fund of Saudi Arabia.
According to experts, the launch of its first urban project is expected to provide an economic impetus. They also expects hotel groups to show interest in the NEOM development.
John Sfakianakis, chief economist at the Gulf Research Center, “The start of NEOM Bay will offer unique opportunities for investors and tourists alike that will provide impetus for new sector growth going forward.”
NEOM aims to thrive the transformation of the Kingdom into a leading global hub through the introduction of value chains of industry and technology. It will focus on nine specialized investment sectors and living conditions that will drive the future of human civilization, energy and water, mobility, biotech, food, technological & digital sciences, advanced manufacturing, media, and entertainment with livability as its foundation. It will situated on one of the world’s most prominent economic arteries, through which nearly a tenth of the world’s trade flows.
Source: Arab News
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