NEOM will be comprised of 14 economic sectors as follows to generate an estimated annual income of $100 billion.
NEOM is short for ‘New Future’. It salutes the dawning of a new era. It captures a new future, unrivalled in concept and unmatched in imagination and intelligence.
It will be a futuristic new city 33 times the size of New York City. Built along the Red Sea, NEOM aims to be Saudi Arabia’s answer to Silicon Valley and will include towns, cities, research, education zones, and tourist attractions as well as a 100 mile linear, car-free city named THE LINE. This linear city will have no cars or streets, with all residents living within a five-minute walk of essential facilities.
NEOM is, in every conceivable sense, unprecedented – a new future on earth like nothing on earth. Currently being developed in Tabuk, the northwest corner of Saudi Arabia that intersects Egypt and Jordan, NEOM is a pillar of Saudi Arabia’s Vision 2030, and is being constructed with a foundation that serves the 14 specialised investment sectors strategically designed to attract international investment, and all part of a grand push to diversify Saudi Arabia’s so-far oil-centric economy. When completed it will be a city 33 times the size of NYC.
It will be an independent zone, with its own regulations and social norms, created specifically to be in service of economic progress and the well-being of its citizens, in the hopes of attracting the world’s top talent and making NEOM a hub of trade, innovation and creativity.
The first stage of NEOM is expected to be completed in 2025