May 23, 2024

Update on Neom- How is Saudi Arabia’s 500bn Project Progressing

Saudi Arabia’s NEOM

Saudi Arabia’s NEOM

Last Updated on November 9, 2023 by newseditor

The NEOM city project was announced on October 24, 2017, by Saudi Arabia’s Crown Prince Mohammed bin Salman. It is among the government’s Saudi Vision 2030 plan, aimed at diversifying the economy and reducing oil dependence. Meanwhile, infrastructure work has begun in NEOM, and major projects will be completed in 2025.

Keep reading to discover the latest NEOM news updates and learn more about this mega-project development.

What is NEOM?

Ever since NEOM news reached the global tech world, Saudi Arabia has been working hard toward its effort to promote sustainable living and renewable energy in the region. But what exactly is NEOM? NEOM is Saudi Arabia’s 500bn smart city project to reduce the country’s reliance on oil and promote sustainable development across the Middle East region.

The mega-project encompasses a series of business and tourism development plans across key economic sectors such as ports, a network of airports, research centres, smart towns and cities, and sports and entertainment venues. One of the main attractions will also be a ski resort in the GC, which is the first of its kind. It is set to be a major tourist destination and has been described as a “living laboratory” for international innovation.

Additionally, NEOM is located in the northwest (Tabuk province) on the Red Sea coast, covering a land mass of about 26,500 kilometres. The project developers have the idea to make the city accessible to business owners, tourists and investors. It is estimated to be a four-hour flight away from about 40 per cent of the globe creating direct access to Saudi and international markets.

NEOM: Insights and Progress Update

On January 16, 2023, NEOM released a film showing the live footage of construction and building progress across NEOM regions. The footage includes shots from THE LINE, Sindalah, Oxagon and Trojena.

NEOM CEO Nadhmi al-Nasr has also confirmed that one-fifth of the construction has been finished. During an interview with Al Arabiya news reporters, he stated: “I can say that we have finished what amounts to 20 per cent of the infrastructure, and work is ongoing in 2023. The most important thing is expanding the infrastructure to all areas where we are ready to start building.

Meanwhile, the Saudi Press Agency announced the “Seven Senses” accelerator to support entrepreneurs of small NEOM and Tabuk regions. The program was launched as part of the government’s efforts to support SMEs, professionals and young innovators. It offers these individuals a chance to apply to NEOM projects and partake in investment opportunities.

The application date is from March 26 to May 14, and successful applicants will join the intensive training camp and those who pass stand a chance for a place in the accelerator. The executive director of government affairs, Meshari Al-Mutairi, stated that the accelerator program ‘Seven Senses’ was developed after extensive studies of the market reality. It aims to support entrepreneurs and owners of SMEs in NEOM and Tabuk through scientific and practical paths that contribute to developing their capabilities.

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