Saudi Arabia to Begin Building Homes in $500 Billion Futuristic City Neom

Saudi Arabia said it will start building the first residential area in a proposed $500 billion futuristic city that’s become a symbol of Crown Prince Mohammed bin Salman’s ambitions for life after oil.

Critics have questioned the mega-project after previous efforts to build industrial and financial cities have struggled to take off. Construction of the $10 billion King Abdullah Financial District in north Riyadh began in 2006 but the 73-building hub remains unfinished.

A number of facilities will be opened at Neom by the end of this year, SPA reported, without providing further details. The private airport at the site will be used for commercial flights by year-end, it said.

Read the full story at Bloomberg


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