- Published: 30 August 2023
NEOM is a new urban area planned by the Kingdom of Saudi Arabia to be built in its northwestern Tabuk Province. The area is bounded by the Red Sea to the south and the Gulf of Aqaba to the west. NEOM's unique location will provide residents with enhanced livability. Its diverse climate offers both beaches and snow-capped mountains.
What does NEOM mean?
NEOM is derived from two words; the first three letters come from the Ancient Greek prefix neo – meaning 'new', while the 'M' is the first from 'Mustaqbal', an Arabic word meaning 'future'. The M is also the first letter of His Royal Highness Mohammed bin Salman, Crown Prince and Chairman of the NEOM Company Board of Directors.
How did it start?
The initiative to create the city of NEOM emerged from Saudi Vision 2030 to reduce Saudi Arabia's dependence on oil, diversify its economy and develop public-service sectors.
When was NEOM first announced?
Mohammed bin Salman announced plans for NEOM at the Future Investment Initiative conference in Riyadh on October 24, 2017. He said that it would operate independently from the existing governmental framework with its own tax and labour laws.
What are the regions announced in NEOM?
Four regions have been announced as part of NEOM, namely Sindalah, THE LINE, Trojena, and Oxagon.
Sindalah is a luxury island resort, while THE LINE is a linear city, Trojena is a mountain destination, and Oxagon is a center for advanced and clean industries.
The project is phased, with Sindalah opening in the first quarter of 2024, becoming the first physical showcase of NEOM to open to the world. Oxagon is also getting its first residents in 2024, while Trojena will become a place to live, work and holiday in 2026. The first modules of THE LINE will also be activated in 2026.
NEOM construction progress
Almost 20 percent of the infrastructure works at NEOM have already been completed.
By 2026, NEOM is expected to have the capacity to house around 450,000 people. By 2030, some 1.5 to 2 million people will be resident in NEOM, rising to nine million in 2045.
Is NEOM a city?
Although often called a smart city, NEOM is more accurately described as a region that will contain numerous cities, resorts and other developments.
What does NEOM's logo represent?
The 'future loop' represents the spirit of NEOM mission, which is to create a new future based on five core principles: nature, technology, livability, sustainability and community.
How is NEOM funded and how much is being invested?
NEOM is primarily funded by the Public Investment Fund, Saudi Arabia's sovereign wealth fund. The PIF has made a key investment in the project by committing $500 billion in backing, along with local and international investors.
Quelle/Source: Saudi Moments, 21.08.2023