Saudi Arabia’s NEOM project has become the talk of the town recently. Envisioned by the Saudi ruler Crown Prince Mohammed bin Salman, NEOM is a flagship project underlined by Saudi’s plans to move away from an oil-based economy to a more sustainable model. Described as the world’s most ambitious project by Saudi officials, NEOM has 26,500 square kilometres of land earmarked for the development of a futuristic city. It also ensures a great investing opportunity for people planning to start a business setup in KSA. If you are eager to understand this dream project and the opportunities that it will unveil, here’s all you need to know:
What is NEOM?
NEOM is a vast region that will consist of numerous cities, resorts, and other developments. It was developed as part of the Saudi Vision 2030 plan to reduce the country’s dependence on oil. NEOM will comprise 10 regions, among which a few are already announced. The most famous of the four is The Line; the others are Oxagon, and Trojena.
The main aim of constructing NEOM is to address the pressing global issues of urban areas and introduce an alternate way of living depending on clean energy. The city will preserve 95% of the natural environment around the site and rely only on renewable energy. Neom boasts a strategic location on the Red Sea coast which is a bustling trade route. This makes the city accessible for tourists as well as business owners and investors.
NEOM’s three major projects
Investing opportunities in NEOM
NEOM offers an array of investment opportunities to businesses around the world. The major sectors to explore in the smart city include design and construction, education and research, energy, media, manufacturing, tourism, and mobility. The Ministry of Saudi Arabia (MISA) and NEOM company have recently signed a partnership agreement for attracting investments. The partnership aims to achieve the goals set by the national investment strategy and focus on the development of targeted sectors.
A prominent aspect that attracts investors to NEOM is its openness to foreign investment. The favourable factors include 100% foreign ownership of businesses, special residency and visa arrangements, and simplified regulations.
Major sectors for investment
When you are choosing a sector for investment in NEOM, you are spoilt for choice. The smart city has development plans for varied sectors to attract foreign investment. However, the following are some of the main sectors worth exploring:
Key benefits of investing in NEOM
NEOM promises a once-in-a-lifetime opportunity for investors and businesspersons to be a part of a prestigious and revolutionary project. As the project gains global attention, it is a great opportunity for businesses. The city is said to have 7 million visitors by 2030. If you are planning to invest in Saudi, NEOM is the perfect choice. It will help you play a significant role in developing a futuristic city that focuses on sustainable development.