Astonishing facts about NEOM, the city of the future
With an estimated worth of $500 billion, NEOM is one of the biggest and most ambitious projects in the world
Deepa Natarajan Lobo | KSA | Real Estate
This futuristic urban development project located in Northwest Saudi Arabia has been creating quite a buzz in the recent times. NEOM, a fully automated, planned cross-border city and economic zone funded by the Public Investment Fund (PIF) of Saudi Arabia, is one of the biggest and most ambitious projects in the world.
With its first phase set to open in 2024, let’s take a look at some interesting facts and figures about the state-of-the-art city -
- NEOM is derived from the ancient Greek word ‘neo’, which means new and ‘mustaqbal’, the Arabic word for future. ‘M’ also refers to His Royal Highness Mohammed bin Salman, Crown Prince and Chairman of the NEOM Company Board of Directors, the visionary behind the entire development.
- NEOM is located in the Northwest of Saudi Arabia, which has cooler climate compared to the rest of the Gulf Cooperation Council. The moderate weather here helps it meet its ambitious plans of offering both sunny beaches and snow-capped mountains to its residents.
- The major investor behind NEOM is the Kingdom’s PIF that has committed US$500 billion in backing, along with local and international investors. The project is also open to global, regional and local investors/partners.