Neom (styled NEOM: Arabic نیوم Niyom) is a planned cross-border city in the Tabuk Province of northwest Saudia Arabia. It is planned to incorporate smart city technoligies and also function as a tourist destination. The site is near the Red Sea and the borders that Saudi Arabia shares with Egypt and Jorden. It will cover a total area of 26,500 km (10,200 sq mi) and will extend 460 km along the coast of the Red Sea.
Saudi Arabia aims to complete the first section on Neom by 2025. The project has an estimated cost of $500 billion. Sauid Arabia aims to rise $300 billion though an IPO of state-owned oil company Saudi Armco. This IPO was initially planned for the second half of 2018, But Saudi Crown prince Muhammad Bin Salman stated in October 2018 that the IPO will be delayed until ” late 2020, early 2021. On 29th January 2019, Saudi Arabia has announced setting up a closed joint-stock company named Noem with $500 billions. The aim of this company that wholly owned by the public investment Fund, the sovereign wealth found, is to develop the economic zone of Neom, The project is planned to be totally powered by renewable energy sources. Nadhmi Al-Nasr is the CEO of Neom Joint-stock company
Inauguration of the project
The city was announced by Saudi Crown prince Muhammad Bin Salman at the future investment Initiative conference in Riyadh, Saudi Arabia in 24th October 2017. He said it will operate independently from the “existing governmental framwork” with its own tax and labor laws and an ” autonmous judicial system.”