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Saudi Arabia to start first phase of Neom project

  • Construction work is expected to start in the first quarter of 2019 and will be completed in 2020
  • Homes in NEOM Bay, part of $500bn mega-city, to be marketed to international buyers

LONDON: Saudi Arabia announced on Wednesday that it will start developing the first urban area of NEOM, the Kingdom’s planned $500 billion mega-city.

The founding board, chaired by Crown Prince Mohammed bin Salman, approved the masterplan concept for NEOM Bay, which will include homes, lifestyle and tourist facilities, and “innovation centers.”The development is expected to focus on luxurious living, and will include high-end hotels and villas.

Construction work is expected to start in the first quarter of 2019 and will be completed in 2020. Arab News understands that contractors have not yet been appointed but that this is due before April. Discussions with investors are said to be ongoing. The total value of the NEOM Bay development has not been disclosed.

Source : Arab News

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