NEOM begins to take shape in 2021
- Date: 09-Jan-2022
- Source: Zawya
- Sector:Tourism
- Country:Saudi Arabia
NEOM begins to take shape in 2021
RIYADH: NEOM, the $500 billion (SR1.9 trillion) jewel in the crown of the Kingdom’s Vision 2030 plans, took several strides forward this year with the announcement of two major projects and news that the region could welcome its first visitors in 2024.
The new net-zero megacity on the Kingdom’s northwest Red Sea coast will cover 10,000 square miles, an area 33 times the size of New York, and will be powered entirely by clean energy.
The futuristic car-free region will be run by advanced technologies such as human-machine fusion, artificial and predictive intelligence, and robotics. More than 1 million people will live in the area that will also host sporting, cultural, scientific and tourist attractions.
The region is the flagship giga-project of Saudi Arabia’s Vision 2030 plans, to diversify its economy from oil, ease social customs and boost investment.
Crown Prince Muhammad bin Salman launched the project, which is backed by the Kingdom’s sovereign wealth body the Public Investment Fund, in 2017.
The NEOM company says the megacity will also seek outside investors for the project, which is projected to contribute $48 billion to the Kingdom’s gross domestic product by 2030.
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