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Overview
Establishing an integrated economic city in the northwestern region of the Kingdom extending across three countries into Jordan and Egypt over an area of 26,500 square kilometers and overlooking the Red Sea and the Gulf of Aqaba from north and west with a length of 460 kilometers. NEOM is surrounded by mountains that rise to a height of 2,500 meters.
The mega project is part of the Kingdom's Vision 2030, designed to diversify Saudi Arabia's economy, replenish its sources of income and develop local industry. NEOM is backed by over $500 billion and includes comprehensive investment, commercial and industrial area that will focus on 16 investment sectors including energy, water, mobility, biotech, food, advanced manufacturing, technological and digital sciences, media, entertainment, tourism and sports.
Project Information
- Industrial Manufacturing
- Power and Utilities
- Power and Utilities > Electric and Water Utilities
- construction
- Services
- On October 24, 2017, Prince Mohammed bin Salman announced the launch of NEOM project, which will be backed by over $500 billion from Saudi Arabia, the Public Investment Fund (PIF), as well as local and global investors.
- Prince Mohammed bin Salman, Crown Prince named Klaus Kleinfeld as the chief executive officer of NEOM project.
- In Q4 2017, a Russia-based company announced that it has plans to develop a shipbuilding factory in NEOM.
- It was announced that Egypt allocated 1,000 square kilometers of land in South Sinai for NEOM project.
- In Q4 2018, the company announced the start of environmental, archaeological and geological surveys, and the formation of an advisory board for the project.
- In Q1 2019, the CEO announced the start of construction works and the set-up of a closed joint stock company, owned by the Public Investment Fund (PIF), under the name, NEOM Company.
- In Q1 2019, the company announced the opening of Neom Bay Airport, with plans to open a number of facilities for the project by the end of 2019.
- In Q3 2019, Neom Company awarded two contracts to Al Tamimi Group and Saudi Arabian Trading & Construction Company (Satco) to develop three residential complexes, each will have a capacity to house 10,000 workers.
- In Q3 2020, NEOM signed an agreement with Air Products and ACWA Power to establish a facility to produce green hydrogen at a cost of $ 5 billion through using 4,000 megawatts of energy.
- NEOM signed an agreement with Solar Water Company Limited to build the first desalination plant with Solar Dome technology, expecting the project to be completed by end of 2020.
- In Q2 2021, the company announced that it signed services supply contract with the project management firm HanmiGlobal to provide its services to existing projects in NEOM.
- In Q2 2021, King Abdullah University of Science and Technology (KAUST) and NEOM announced the establishment of a joint venture project to set up the world's largest coral garden at Shushah Island in NEOM.
- In Q3 2021, the company announced the appointment of Sumitomo Mitsui Financial Group (SMFG) to provide financial advice on the project and Linklaters and WorleyParsons to provide technical advice.
- In Q3 2021, Gulf Development International Ltd (GDI) announced that it works with Saudi Aramco to establish volumetric modular assembly plant in NEOM at a cost of over $1 billion.
- In Q4 2021, the company announced that its subsidiary NEOM Tech & Digital Holding Company signed a SAR 750 million joint venture agreement with OneWeb, the global communications network powered from space, to bring high-speed satellite connectivity to NEOM, Saudi Arabia, Middle East and East African countries.
- In Q4 2021, the company announced the establishment of a joint venture project with MBC Initiatives to develop an AAA video gaming project in NEOM.
- In Q4 2021, the company announced the establishment of a joint venture company to design, implement, and operate the world’s first bespoke public vertical mobility system in partnership with Volocopter, for air taxi services and ecosystem for vertical mobility services. The company announced that the project is expected to scale-up its activities in beginning of 2022.
- In Q1 2021, The company announced that it commenced, with its partners in Acwa Power Co., developing the green hydrogen project in NEOM, expecting to launch the first phase in 2025.
- In Q1 2022, the company announced the establishment of Hydrogen Innovation and Development Center (HIDC) in partnership with Saudi Aramco, expecting the center to be completed in 2023.
- The company announced that the first hospitality asset will open by the end of 2023, and will welcome first tourist in 2024.
- In Q3 2022, the company awarded two contracts to two consortiums to construct two tunnels with a length of 28km dedicated to high-speed transportation and freight services as part of the smart linear city “The Line.” The first contract was awarded to a consortium of FCC Construction SA, China State Construction Engineering Corporation, and Shibh Al-Jazira Contracting Company, and the second contract was awarded to a consortium of Samsung C&T Corporation, Hyundai Engineering and Construction Co. Ltd, and Saudi Archirodon Company Ltd.
- In Q2 2022, ENOWA, the energy, water, and hydrogen subsidiary of NEOM, signed a memorandum of understanding (MoU) with Japan’s ITOCHU, and France’s Veolia to develop a first-of-its-kind desalination plant powered by 100% renewable energy in OXAGON, NEOM's advanced manufacturing and innovation city. The plant is set to start operations in 2024.
- In Q3 2022, the company announced that construction works of THE LINE city started a year ago. THE LINE is a city within the NEOM project, with a width of 200 meters, a length of 170 kilometers and a height of 500 meters above sea level and will be built on an area of 34 square kilometers.
- In Q4 2022, the company announced investing SAR 656 million in Volocopter GmbH, the pioneer of urban air mobility, to offer electric air taxi services for the project.
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In Q1 2023, the company announced that the project’s infrastructure works are 20% complete.
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On March 8, 2023, the company announced that it signed an agreement with Marriott International, Inc. to open three hotels on its luxury island destination Sindalah, including Autograph Collection Hotels that offers 66 rooms and suites and will be opened in 2024, as well as two hotels under name “Luxury Collection”. The first hotel, slated to open in 2024, is a beach resort that offers 70 rooms and suites. The second hotel, slated to open in 2026, is an all-suite hotel offering 115 suites.
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On September 25, 2023, the company announced that it signed a contract with Marriott International, Inc. to open two luxury properties in Trojena, NEOM’s mountain destination, namely W Hotel and JW Marriott Hotel. The W Hotel features 236 rooms, and the JW Marriott Hotel includes 500 rooms.
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On January 25, 2024, the company announced the launch of Zardun Resort.