Place Category: Real Estate
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The first phase of construction of the $500bn futuristic city Neom, in Saudi Arabia, is complete with the second phase set to be announced by the end of this year.
Day by day, NEOM is becoming a reality as more facilities are built at the project’s first urban area, NEOM Bay. It is just the start, and work will continue endlessly, CEO Nadhmi Al-Nasr said in his address to a large diplomatic gathering on their first visit to the site, located in the northwestern corner of Saudi Arabia.
Saudi Arabia said it will start building the first residential area in a proposed $500 billion futuristic city that’s become a symbol of Crown Prince Mohammed bin Salman’s ambitions for life after oil. <p> <p>
NEOM Founding Board, chaired by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Vice President of the Council of Ministers and Chairman of Board of Directors of Public Fund Investment, approved the strategic concept of the masterplan for NEOM Bay, the first urban area to be developed in NEOM.
“The year 2019 will be a milestone in NEOM’s journey. We are now preparing for the development of NEOM Bay area, which will provide a new concept of urban living that will enable it to become a platform for attracting the world’s top minds for creating advanced economic sectors”, Nadhmi al-Nasr, CEO of NEOM said.
Construction work is expected to start in the first quarter of 2019 and will be completed in 2020.
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