Crown Prince Mohammad Bin Salman has announced as of Tuesday 25/10/2017 the launch of “NEOM” project, located on an area equal to 26,500 km² at the southwest of the Kingdom of Saudi Arabia.
The Crown Prince has acknowledged during the launch that NEOM area will focus on nine investment specific sectors, targeting the future of humankind. These sectors are the future of energy and water, future of transportation, future of biotechnology, future of food, future of technical and digital sciences, future of advanced manufacturing, future of mass media and mass media production, future of entertainment, future of living, which consists the base foundation of the rest of sectors.
The project aims to motivate economic growth and diversity, enabling manufacturing processes, innovation and movement of local industry on a global scale.
The project will create job opportunities, and shall contribute to increase The Kingdom’s GDP. NEOM will be supported by an amount of funds that will exceed $500,000,000,000 (Five Hundred Billion Dollars) during the next few years by The Kingdom, Public Investments Fund, local and global investors.
The site shall be the main entry to King Salman’s Bridge, linking Africa and Asia to each other, and shall comprehend lands within the territories of Egypt and Jordan, thereby becoming the first private area expanding between three countries.