The project is expected to generate 380,000 jobs and contribute US $48 billion (INR 36,000 crore) to the kingdom’s GDP by 2030. More recently, in Jan 2021, the Crown Prince also announced that, as part of the NEOM project, a zero-carbon city called ‘The Line’ would be set up.
What is the name of the $500 billion city of the future that Saudi Arabia plans to build?
Neom
RIYADH—If Saudi Crown Prince Mohammed bin Salman realizes his dream, a $500 billion city-state dubbed Neom will one day rise from the desert, transforming Saudi Arabia by drawing billions of dollars in new investment as the kingdom attempts to reduce its dependence on oil before its crude reserves run dry.
Is NEOM real?
NEOM is a planned 16-borough city on the Red Sea coast in the northwestern Saudi province of Tabuk. Saudi Arabia has named it after the words New Future in an attempt to create something that has never been done before. The city is being built using artificial intelligence and clean energy sources.
What is NEOM famous for?
new future
A futuristic city in Saudi Arabia’s Tabuk Province is a promising destination for sustainability, and technology. Called NEOM, meaning new future, it is a forward-thinking city that is supposedly nothing like the world has ever seen before.
Who is investing in NEOM?
Saudi Arabia
NEOM, part of Saudi Arabia’s public investment fund, will start construction of THE LINE, a 170km belt of hyper-connected future communities, without cars and roads and built around nature, in Q1 of 2021.
Where will NEOM be built?
The Neom project is located in Tabuk, Saudi Arabia in the northwest of the kingdom, extended along with Aqaba Gulf and 468 km of coastline with beaches and coral reefs, as well as mountains up to 2,500 m high, with a total area of around 26,500 sq.
How much will it cost to live in NEOM?
It will cover a total area of 26,500 km2 (10,200 sq mi) and will extend 460 km along the coast of the Red Sea. Saudi Arabia aims to complete the first section of Neom by 2025. The project has an estimated cost of $500 billion.
Where is the line in Saudi Arabia?
NEOM
Where is THE LINE located? THE LINE is located in NEOM, linking the coast of the Red Sea with the mountains and upper valleys of the north-west of Saudi Arabia. The location is at the crossroads of the world, making it a natural choice for a global innovation hub.
Is Saudi Arabia poor?
The Saudi family is the richest royal family in the world, with a net worth of around $1.4 trillion due to plentiful oil reserves, yet the country itself can be considered poor, with an estimated 20 percent of its people living in poverty.
Who will build Neom?
In July 2020, the US’s Air Products & Chemicals Inc announced that it will build the world’s largest green hydrogen plant in Saudi Arabia. The US$5 billion project will be jointly owned by Air Products, Saudi Arabia’s ACWA Power and Neom.
