Saudi Arabia aims to develop an economic region called NEOM. The government has established an joint stock company belonging to the Public Investment Fund.

NEOM project is part of Vision 2030. The 26.500 square kilometre high tech hub will include high tech projects powered by wind and solar energy and sports halls, concert facilities.

The new legal status of NEOM will enable the company to create 16 key economic areas, including energy, manufacturing and tourism. Prince Mohammed bin Salman approved the masterplan concept for NEOM. It will include homes, lifestyle and tourist facilities and innovation centers.

The project is located Tabuk Region.
Saudi government planned to start developing the first area of NEOM in Q1 2019.

Source: Zawya

Fulya Altunyay /