Saudi Arabia commences construction on NEOM
Saudi Arabia is commencing construction on NEOM, its “city of the future” with the giga-project having had an investment of $500 billion from the Public Investment Fund (PIF). NEOM, which means ‘new future’, was announced in 2017.
NEOM, the flagship project of Saudi Arabia’s post-oil diversification plan is expected to be a cross between Silicon Valley, Dubai and the Seychelles. It will include towns, ports, and research centres, as well as entertainment and tourist destinations.
The Arab Weekly reports that according to NEOM Chief Executive Nadhmi al-Nasr, construction will begin this year with Saudi officials describing NEOM as ‘the world’s most ambitious project’.
Overlooking the Red Sea and the Gulf of Aqaba, NEOM is being built on a 26,500 km2 area in the North-Western corner of the Kingdom along the borders of Egypt and Jordan within which more than one million people are anticipated to work and reside.
Crown Prince Mohammed bin Salman bin Abdulaziz advised that NEOM “will drive the future of human civilisation, energy and water, mobility, biotech, food, technological and digital sciences, advanced manufacturing, media and entertainment”.
Image courtesy of NEOM
Conference organiser IQPC has advised that its second Attractions, Amusement & Entertainment Development Asia conference due to be held this week in Singapore has been postponed "due to the current situation with COVID-19 - Coronavirus outbreak." The event will be held on Tuesday 2nd and Wednesday 3rd June.
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