NEOM is an ambitious city announced by Saudi Crown prince Mohammed bin Salman at the future investment Initiative conference in Riyadh, Saudi Arabia on October 24, 2017. He said that NEOM will operate independently from the “existing Governmental Framework” with its own tax and labour laws and an “autonomous judicial systems”. The project will be backed by more than $500 billion over the coming years by Saudi Arabia. It aims to thrive the transformation of the kingdom to a leading hub through the introduction of value chains of industry and technology, with a zone created to help the residents lead an innovative life, ideal lifestyle and economic stability. Here are 8 things you didn’t know about NEOM:
1- NEOM’s developmental area The zone would stretch around 26,500km2 across the Egyptian and Jordanian borders. NEOM will provide a unique development opportunity due to its proximity to international markets and trade routes. Approximately 10% of the worlds trade flows through the red sea. Connecting Asia, Europe, Africa and America, the zone will enable 70 % of the worlds population to reach NEOM in under 8 hours and enjoy the scenic mountains, the untouched beaches and peaceful dessert with a temperature of 10c cooler than its surrounding areas.
2- Richness in natural resources NEOM is situated in an area that is rich in wind and solar energy resources which makes it the perfect spot to develop renewable energy projects. The area is also rich in oil and gas as well as mineral resources the like of which will live up to the unmatched high sustainability standards.
3- Why NEOM NEOM is offers opportunities for leading investors and business owners worldwide aiming to stimulate the GDP growth in the kingdom. The project offers:
4- Huge earnings for Saudi Arabia NEOM is one of the factors that will transform the kingdom into a leading global innovation hub for the technology industry and will stimulate the GDP growth in the kingdom.
5- Contribution to 2030 NEOM was born in the ambition of achieving the vision of 2030 which lies on these 3 pillars:
6- Economic sectors NEOM tends to target 9 key sectors of the economy:
7- World class quality of life NEOM will offer a favourable business environment with quality education and health facilities, all wrapped up with an efficient transport system hat would make life easy and accessible.
8- Economic Earnings NEOM will help redirect the Kingdom’s economic leakage back into the country.