Riyadh – Mubasher: The Saudi megaproject, Neom is forecasted to provide investment opportunities on the domestic and international levels, said the UAE’s ambassador in Saudi Arabia, Shakhbout bin Nahyan Al Nahyan.
The project which will be located in Northwestern of Saudi Arabia will be a promising zone for large investments, the Saudi Press Agency (SPA) reported, citing Al Nahyan.
By the end of October, the Saudi Crown Prince, Mohammed bin Salman announced a plan to establish a $500 billion city to implement Neom project.
Neom will be the first economic and investment city to be listed in the world, and will be owned by the Saudi Public Investment Authority (PIF) until listing.
Neom will attract investments in entertainment, biotechnology, advanced manufacturing, and renewable energysectors.
The Neom city will not be subject to Islamic Sharia as all Saudi projects, and it will cover an area of 26,500 square kilometres.
Neom projects’ value is expected to exceed billions of dollars, it will extend through Jordan and Egypt, it will be a business and industrial zone, is going to represent the largest effort by the Kingdom to reduce its dependence on oil exports.
Neom’s first phase is expected to be completed by 2025.