Egypt has committed a large portion of land in the southern Sinai Peninsula as part of the NEOM project.
• The territory along the Red Sea is part of a joint fund worth more than $10 billion
• The mega-city own judicial system and legislation designed to attract international investors to focus on industries such as energy and water, biotechnology, food, advanced manufacturing and tourism, according to officials.
• Saudi Arabia plans to build seven cities and tourism projects, while Egypt will focus on developing the existing resort cities of Sharm El Sheikh and Hurghada.
• The kingdom will also work with Egypt and Jordan to attract European cruise companies to operate in the Red Sea during the winter season.
• Riyadh is negotiating with seven cruise companies and aims to build yacht marinas.
• It will also set up 50 resorts and four small cities
• The Red Sea Project, made up of some 50 islands, will offer a nature reserve, diving on coral reefs and heritage sites.
• Authorities have said it would break ground in 2019 and complete its first phase by late 2022.
Bechtel: Building mega cities like Saudi NEOM will be an incredible undertakingBuilding a mega city like NEOM will be an incredible undertaking, says Brendan Bechtel, CEO of Bechtel Corporation. Bechtel Corporation is one of the ... Economy
EXCLUSIVE: HSBC CEO says bank interested in financing Saudi NEOM projectHSBC’s CEO Stuart Gulliver confirmed the bank's interest in significantly financing the massive NEOM project, highlighting the economic benefits ... Economy
Saudi inventors team up for innovation to generate electricity for NEOMA team of Saudi inventors came up with an innovation that can generate electricity for NEOM, the new $500-billion business and industrial zone ... Technology
Russia says working with Saudi on energy investment, NEOMRussia is working closely with Saudi Arabia to facilitate bilateral investment in the energy sector and Russian companies are interested in the ... Economy
NEOM and the future of our youthRecently, Saudi Crown Prince Muhammad Bin Salman, deputy premier and minister of defense, announced the launch of NEOM, a project that aspires to be ... Middle East