What is Neom?
Neom is Saudi Arabia’s flagship business and tourism development project, located on the picturesque Red Sea coast. It is an integral part of the Kingdom’s Vision 2030, a comprehensive plan to diversify the economy and reduce dependence on oil. Covering an impressive 26,500 square kilometres, Neom will include smart cities, ports, research centres, sports and entertainment venues, and tourism centres.
Renewable Energy: Powering the Future
Neom is not just another city; it is a bold experiment in reimagining urban living. The driving force behind Neom is sustainability, with an emphasis on preserving the natural environment and promoting clean energy. The city aims to be 100% powered by renewable energy sources such as solar, wind and hydrogen, creating a carbon positive ecosystem. Neom’s commitment to the environment extends to its water production and storage capabilities, with a focus on desalination and innovative water technology.
The Line: A Paradigm Shift in Urban Design
At the heart of Neom is The Line, a revolutionary concept that challenges traditional urban design. Unlike conventional cities, The Line is car-free, ensuring zero carbon emissions and a pollution-free environment. This 170-kilometre stretch of coastline will be a haven for nine million people living in an interconnected society governed by artificial intelligence. Emphasising walkability, clean energy, and technology, The Line offers a new way of living that overcomes the challenges of conventional cities.
Creating a Seamless Living Experience
Neom’s goal is to provide residents with a seamless living experience that integrates essential services, recreational facilities, and green spaces within a five-minute walk. Rapid transit options are available in addition to the emphasis on walkability, ensuring that all areas of Neom are accessible in under 20 minutes. A comprehensive network of rapid transit services further enhances the city’s urban environment, which promotes walking, bicycling, and personal electric mobility devices.
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Construction and Partnership
Construction of Neom is well underway, with various projects and partnerships contributing to its development. The Line, the centrepiece of Neom, began construction in the first quarter of this year and is being developed in collaboration with renowned construction companies Aecom and Bechtel. A partnership with Saudi Telecom Company ensures the integration of a 5G network infrastructure, supporting Neom’s digital ambitions. In addition, a $5 billion partnership with Acwa Power and Air Products aims to develop the world’s largest green hydrogen and green ammonia plant, which is expected to be operational by 2026.
Future Outlook and Completion Timeline
Neom’s timeline for completion is ambitious but achievable. The first phase of the project, costing 1.2 trillion riyals ($319 billion), is scheduled for completion by 2025. Neom’s economic zone, designed for nine million people, is expected to accommodate 450,000 residents by 2026 and 1.5–2 million residents by 2030. The city’s capacity is expected to expand to nine million residents by 2045. To finance the project, Neom plans to conduct an IPO in 2024, with the Kingdom’s sovereign wealth fund, the Public Investment Fund, contributing half of the required funds.
