NEOM

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NEOM Value - $500bn (SAR1.9tn)

The centrepiece of Saudi Arabia’s gigaproject ecosystem and the Vision 2030 economic diversification programme, the $500bn (SAR1.9tn) Neom is among the kingdom’s most globally renowned projects at moment. 

Neom’s development has noted significant progress in 2019. In January, the first flight landed at the trillion-riyal gigaproject’s site, when national carrier Saudia flew two Airbus A320 aircraft carrying 130 of the project’s staff to Neom Airport. The airport in Tabuk region’s Sharma is registered with International Civil Aviation Organisation as OENN. 

The flight to Neom was followed by the approval of Neom Bay’s masterplan approval by the Neom Founding Board, chaired by Saudi Arabia's Crown Prince HRH Prince Mohammed bin Salman bin Abdulaziz. Neom Bay will be the first urban area to be developed within the gigaproject’s boundaries, as reported by Saudi Press Agency, which added that the board had also given “instructions to complete preparations and start construction work in the first quarter of 2019”.

This was followed by the formation of a private joint-stock companycalled Neom to lead the gigaproject’s development. 

Source: constructionweekonline