By Innovation-sa on October 31, 2018 in News

NEOM, a mega investment and business special zone unveiled by Prince Muhammed last October at the Future Investment Initiative (FII) conference as part of plans to diversify the Kingdom’s oil dependent economy, has entered into its first phase of construction and works to develop the infrastructure of the first residential area at NEOM has already begun.


The proposed $500 billion NEOM will be the world’s first private zone to extend across three countries, Saudi Arabia, Egypt and Jordan. The 26,500-square km mega city will offer an open platform for investing and financing and the zone will be designed to function independent of the Kingdom’s rules and regulations.


NEOM will house a network of airports including an international airport with world-class standards. The first airport in the zone is expected to be inaugurated before the end of 2018 and bi-weekly flights will begin operating from the start of 2019.


The project planners of NEOM is working hard to ensure that the newly created towns and cities will create new ways of living, economy, trade and innovation and has identified 16 economic sectors to create a sustainable economy which would generate an estimated annual income of $100 billion.


NEOM primarily focusses on redirecting the outflow of investments and spending back into Saudi Arabia, which would eventually have a positive impact on the Kingdom’s GDP growth.


Backed by the Kingdom’s Public Investment Fund (PIF), NEOM will also strive to become the most efficient destination in the world by ensuring cent percent automation of all services and operations. In future, robots will take over repetitive and laborious tasks.


Arab News – 26 October 2018