The NEOM project, announced by Saudi Arabian Crown Prince Mohammed bin Salman, offers valuable benefits to companies and individuals. It meets the needs of the Kingdom of Saudi Arabia and attracts the best companies and talents from around the world.
Saudi Arabian Crown Prince Mohammed bin Salman announced the launch of the NEOM project, which is a special zone covering land within Egyptian and Jordanian borders. It will be the first area spanning three countries, costing over 500 billion dollars funded by the Public Investment Fund and local and global investors.
NEOM is located in northwest Saudi Arabia, covering an area of 26,500 km2. It stretches along the Red Sea and Gulf of Aqaba for a total of 468 km and is surrounded by 2,500 meter high mountains to the east.
Companies Advantages in NEOM
NEOM offers the following benefits for companies:
- Direct access to the Saudi market and global markets, as the region is a hub for connecting three continents.
- A comprehensive system for innovation and supply.
- Financial funding and incentives.
- Regulated environment for specific, targeted sectors with internationally supportive business laws.
- A forward-thinking infrastructure that puts people first and utilizes modern technologies to serve them and shape the future.
- A redirecting of Saudi spending abroad towards the NEOM project, as Saudis currently spend large amounts on tourism (15 billion dollars), healthcare (12.5 billion dollars), education (5 billion dollars), and investments abroad (5 billion dollars).
Individuals Advantages in NEOM
- NEOM offers a high quality of life
- Civil services based on technology in sectors such as healthcare, education, transportation, entertainment, and more.
- Advanced urban planning.
- Many opportunities for growth and employment.
- International standards for living in terms of culture, arts, and education.
Neom is a planned city being developed in Saudi Arabia. It is not a publicly traded company, so it is not possible to buy shares in it. It is a project being developed by the Saudi Arabian government and private investors. If you are interested in investing in the project, you may want to consider investing in companies that are involved in the development or operation of Neom. However, it is always important to thoroughly research any investment opportunity and to consult with a financial advisor before making any investment decisions.
FAQ
What industries will NEOM focus on?
NEOM aims to focus on nine main sectors, which include energy and water, mobility, biotech, food, advanced manufacturing, media, entertainment, and technological and digital sciences. The project is designed to attract businesses and individuals specializing in these areas, promoting innovation and sustainable development for the region.
How will NEOM be powered?
NEOM is planned to be entirely powered by renewable energy sources, primarily solar and wind power. The region’s climate and geographical location offer an abundance of sunlight and strong winds, making it an ideal location for harnessing clean energy. This commitment to sustainability is a key aspect of the project’s vision for the future.
Will NEOM have its own legal and regulatory framework?
Yes, NEOM is designed to operate with its own legal and regulatory framework, separate from that of Saudi Arabia. This will enable the project to adopt internationally supportive business laws and regulations, creating a more attractive environment for global businesses and investors. The intention is to establish a competitive and business-friendly environment that fosters innovation and growth.
What is the timeline for NEOM’s development?
The NEOM project is expected to be developed in multiple phases. The first phase, which focuses on infrastructure development and key economic sectors, is targeted for completion by 2025. Subsequent phases will continue to expand the project and introduce new industries and services. The overall development timeline is expected to extend over several decades, with the project reaching its full potential by 2030 and beyond.
Will there be any opportunities for international collaboration in NEOM?
NEOM is designed to foster international collaboration by attracting companies, investors, and talent from around the world. The project’s focus on innovation and its unique legal and regulatory framework aim to create a conducive environment for global partnerships. Additionally, NEOM’s strategic location, connecting three continents, provides businesses with direct access to the Saudi market and other international markets, promoting cross-border collaboration and economic growth.
