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Neom – The Future of Saudi Arabia

18 December 2017 By Encrypt Investment

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Neom – The Future of Saudi Arabia

 
Back in October the Saudi Prince Mohammad bin Salman announced plans to build a new city called Neom. This ambitious plan for a city would be located in the northwest region of the Kingdom and span across Saudi Arabia, Jordan and Egypt. Neom is part of Saudi Arabia’s vision 2030, a plan to reduce its dependence on oil, diversify its economy, and attract foreign investment. The city is expected to span across 10,230 miles – more than 33 times size of New York City, making it an enormous project.

Location of Neom


Source: Google Maps

About Neom

Neom will be the first independent special zone in the world, spanning across three countries, linking Asia and Africa, and is expected to be a leading global hub that offers its people an idyllic lifestyle. The new city seeks to attract quality talent from around the globe, to be the leader in innovation, and drive growth of the region and its residents. The city’s liveability and economic prospects will be powered by a profitable economy that will pioneer the future of nine sectors:

  • Energy and water
  • Mobility
  • Biotech
  • Food
  • Advanced manufacturing
  • Media
  • Entertainment
  • Technological & digital sciences
  • Living as Neom’s Foundation

“NEOM will focus on nine specialized investment sectors and living conditions that will drive the future of human civilization, energy and water, mobility, biotech, food, technological and digital sciences, advanced manufacturing, media, and entertainment, with liveability as its foundation. The focus on these sectors will stimulate economic growth and diversification by nurturing international innovation and manufacturing, to drive local industry, job creation, and GDP growth in the Kingdom. NEOM will attract private as well as public investments and partnerships. NEOM will be backed by more than $500 billion over the coming years by the Kingdom of Saudi Arabia, the Saudi Arabian Public Investment Fund, local as well as international investors”, said Prince Mohammed bin Salman at the Future Initiative Conference on October 24.
Neom Logo:

Source: Discover Neom
Neom will be backed by more than $500 billion in investment over the next few years by the Kingdom of Saudi Arabia, the Saudi Arabian Public Investment Fund, as well as investors across the globe. The Kingdom has appointed the former Siemens CEO, Klaus Kleinfield to the project. Work on the city has already begun and the first phase is expected to be completed by 2025.
Other facts about Neom:

  • 70% of the world’s population live within an 8 hour flight away
  • Located next to the Red Sea, which is used to pass up to 10% of worldwide shipping trade
  • King Salman Bridge will link two continents – Asia and Africa
  • The climate in Neom is 10 degrees cooler on average than Jeddah, Kuwait, Abu Dhabi and Muscat
  • The name Neom is constructed from two words – the first three letters mean “new” in Greek. The fourth letter is an abbreviation of the word “Mostaqbal”, which means “future” in Arabic

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