Neom, the world’s most ambitious project to be built in the northwestern part of Saudi Arabia on the Red Sea coast, has entered the first phase of actual development after preparation works to develop the infrastructure of the first residential area was accelerated.

 

Nadhmi Al Nasr, chief executive officer of Neom, said preparations are ongoing and progressing significantly to start the construction work at Neom Bay, a luxurious touristic destination. It will be the first urban area to embrace the future population in Neom. It is planned to be one of the most attractive destinations worldwide for investments and sustainable economic development, a Saudi Press Agency report said.

 

He noted that the pace of project development is “greater than expected.”

 

The CEO also stated in a public address during the Future Investment Initiative in Riyadh that Neom focuses on human and technological advancement to create a unique sustainable environment for humanity, all within the objectives of Saudi Arabia’s Vision 2030.

 

Al Nasr added: “We are working hard to ensure that the newly created towns and cities in Neom will create new ways of living, economy, trade, innovation that at the end will make Neom an ideal environment for all of its future residents."

 

Moving to the challenges facing the project, the CEO added: “We are aware of the challenges we face in developing a mega project such as Neom as it will be the largest international special zone in the world in terms of size and scale of investments. However, our capabilities backed with strong political, financial and logistical support will enable us to achieve what we plan for, especially that we are dealing with a greenfield project in an untouched land.”

 

Work on the first airport in Neom is expected to be completed before the end of 2018 with bi-weekly flights operating to and from Neom is scheduled at the start of 2019. 

 

This comes as part of a general plan to establish a network of airports in Neom that will include an international airport with world-class standards.

 

Additionally, Neom is witnessing progress in a number of key areas. One of the key developments at Neom since its inception is the identification of 16 economic sectors to create a sustainable economy that will not only generate job opportunities but will also unlock human innovation and creativity at all levels.

 

As Neom reaches an advanced stage of development, these sectors are targeted to generate an estimated annual income of $100 billion. A large part of this income will be in the form of redirecting the outflow of investments and spending back into Saudi Arabia. This, in turn, will have a significant positive impact on the kingdom's GDP.

 

The identified economic sectors aim not only at stimulating growth and economic diversification but more importantly at finding innovative and sustainable solutions for challenges facing the future of human civilisation.

 

The 16 sectors are the future of energy, water, mobility, biotech, food, manufacturing, media, entertainment, culture and fashion, technology and digital, tourism, sport, design and construction, services, health and well-being, education, and livability as the foundation of all sectors.

 

His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Vice President of the Council of Ministers and Minister of Defense, announced on October 24 last year in Riyadh during the first edition of the Future Investment Initiative (FII) the launch of Neom project on more than 26,000 sq km of land in the Northwestern part of Saudi Arabia.

 

The project is backed with more than $500 billion that will be provided by the Saudi Arabian government, the Public Investment Fund of Saudi Arabia, as well as local and international investors.