Neom, Saudi Arabia's premier business and tourism development located on the Red Sea coast, was first introduced by Prince Mohammed in 2017. This ambitious project is a key component of the country's 2030 Vision, which aims to diversify its economy.
With a whopping $500 billion budget, Neom will consist of smart cities and towns, enterprise areas, ports, research centres, sports and entertainment venues, and tourist centres. It spans 26,500 square kilometres, with multiple zones, including industrial and logistics areas, and is slated for completion in 2025.
The project encompasses a network of airports, including an international airport. Neom Bay Airport, the first airport in the region, was opened last year and provides regular flights for Neom's investors and employees. Antoni Vives, the Chief Urban Development Officer at Neom, has stated that one of the largest international airports in the world will be ready before 2030.
A business and technology centre, which is anticipated to generate $48 billion for the Kingdom's gross domestic product and produce 380,000 employment opportunities, is projected to begin construction in the first quarter of this year.
The Crown Prince announced in July that Neom would be partly financed through a flotation expected in 2024. The first phase of the city's construction will cost 1.2 trillion riyals ($319 billion), half of which will be funded by the Public Investment Fund, the country's sovereign wealth fund.
Eventually, Neom's economic zone is set to house nine million people, with a capacity of 450,000 by 2026 and 1.5-2 million by 2030. It is expected to house nine million people by 2045.
Neom's development strategy involves utilizing cutting-edge technology to create a sustainable and efficient city. The project aims to be powered entirely by renewable energy and will feature advanced transport systems, including a fully-automated public transportation network.
In addition to its economic objectives, Neom also strives to be a cultural hub, promoting tourism and cultural exchange. The development includes plans for a series of entertainment and recreational activities, including luxury resorts and theme parks.
Neom's location on the Red Sea coast offers the potential for a unique blend of traditional Arabian culture and modern amenities, attracting both business and leisure travelers. With its state-of-the-art infrastructure and sustainable development practices, Neom is poised to become a major destination for visitors from around the world.
The project has been the subject of global attention and has received significant interest from international investors. Neom's development is expected to have a significant impact on the Saudi Arabian economy and is a key component of the country's long-term vision for sustainable growth.
In summary, Neom is an ambitious business and tourism development project in Saudi Arabia, aimed at diversifying the country's economy. With a $500 billion budget, Neom will include smart cities and towns, enterprise areas, ports, research centres, sports and entertainment venues, and tourist centres. The project is set to be completed in 2025 and is expected to have a significant impact on the country's economy and cultural landscape.
The first phase of the project is expected to cost $319 billion and is set to be partly financed by the Public Investment Fund, the kingdom's sovereign wealth fund. Neom is also expected to be partly financed through a flotation, which is expected to take place in 2024.
The development is spread across 26,500 square kilometres and will comprise several zones, including industrial and logistics areas. The economic zone, which is eventually set to house nine million people, is expected to have a capacity for 450,000 by 2026 and 1.5-2 million by 2030, with the ultimate goal of housing nine million people by 2045.
One of the key components of Neom's development plan is its commitment to sustainability. The project aims to be powered entirely by renewable energy and will feature state-of-the-art waste management and water conservation systems. Neom's advanced transport system will be fully automated, reducing carbon emissions and increasing efficiency.
Neom's cultural objectives are equally ambitious. The development includes plans for a series of entertainment and recreational activities, including luxury resorts, theme parks, and cultural centers. These initiatives aim to promote cultural exchange and foster a sense of community among residents and visitors alike.
As Neom moves forward with its development, the project is expected to have a significant impact on the Saudi Arabian economy. The business and tech center alone is expected to contribute $48 billion to the kingdom's gross domestic product and create 380,000 jobs. The development's focus on sustainable growth and cultural exchange also positions Neom as a global leader in smart city planning and development.
In conclusion, Neom is an ambitious development project that is set to have a significant impact on the Saudi Arabian economy and cultural landscape. The project's commitment to sustainability and cultural exchange makes it a unique and forward-thinking initiative, and its success could have far-reaching implications for the future of urban planning and development.
About the Creator
Suganthan
Hi world! I am from Wonder of Asia Srilankan. Happy to write stories and History blog.
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