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Thu 25 Jul 2019 10:52 AM

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First phase of Saudi Arabia's $500bn giga-project Neom complete

Second phase to be announced later this year, CEO tells diplomats

First phase of Saudi Arabia's $500bn giga-project Neom complete
Neom, short for Latin-Arabic term Neo-Mustaqbal, which means "new future", aims to create a global model in various spheres by focusing on advanced industries and technology, with robots being used for many services and power being generated solely from wind and solar energy.

The first phase of construction of the $500bn futuristic city Neom, in Saudi Arabia, is complete with the second phase set to be announced by the end of this year.

CEO Nadhmi Al-Nasr provided the update to a crowd of over 160 diplomats at Neom’s first ever beach sports events, in Gayal, the site of Neom’s first commercial airport.

The first phase of the giga-project covered the economic concept, funding and the roadmap of the development, while phase two will reveal detailed plans for Neom’s 16 economic sectors and regions.

“We started Phase 2’s strategy, and we will finish that by end of 2019, which means by the end of the year we will share with the world what Neom is going to be,” Al-Nasr is quoted by Arab News as saying.

The project, which is being built on the Red Sea coast, was unveiled by Crown Prince Mohammed bin Salman in 2017 and comprises a 26,500km² area in the far north-west of Saudi Arabia.

Neom, short for Latin-Arabic term Neo-Mustaqbal, which means "new future", aims to create a global model in various spheres by focusing on advanced industries and technology, with robots being used for many services and power being generated solely from wind and solar energy.

In his address, he encouraged the diplomats to be a part of the huge development. “We want you to think that one day you could be living in Neom, working and retiring in Neom, and of course, we don’t mind you investing in Neom,” he is quoted by Arab News as saying.

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