Saudi awards first contracts for $500bn Neom city

The Saudi Arabian government has begun to award contracts for the development of a huge business zone in the northwest of the country, asking local construction companies to build five palaces there, sources close to the matter told Reuters.

Crown Prince Mohammed bin Salman announced plans for the 26,500 square km (10,230 square mile) zone, known as Neom, at an international investment conference in Riyadh last October. Officials said public and private investment in the area was eventually expected to total $500 billion.

The palaces for the king, crown prince and other senior royals, to be located on the Red Sea coast about 150 kilometres (95 miles) west of the city of Tabuk, are among the first contracts awarded for Neom, said the sources who declined to be named as an official announcement has not yet been made.

Read the full story at arabian business


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