DUBAI: According to a statement released Tuesday, Saudi Arabia’s proposed megacity NEOM has finalized contracts to create the first phase of housing development for its employees and obtained 21 billion riyals ($5.60 billion) in financing.
Saudi megacity project NEOM: NEOM, a massive economic zone that would eventually house nine million people, stated that it would make contracts available for the second phase of the temporary residential project in the upcoming months.
As part of his Vision 2030 reform program, Saudi Arabia’s Crown Prince Mohammed bin Salman unveiled plans for NEOM in 2017. This program intends to diversify Saudi Arabia’s economy away from oil.
The kingdom’s sovereign wealth fund is the cornerstone investor in NEOM, a 26,500 square kilometer (10,230 square miles) high-tech development on the Red Sea with numerous zones, including industrial and logistics sectors.
Additionally, According to the crown prince, NEOM will be able to accommodate 450,000 people by 2026, 1.5–2 million people by 2030, and nine million people by 2045.
The company stated that once they finish the project’s first phase, they will establish ten communities across NEOM, creating space for 95,000 more residents.
The statement further mentioned that the temporary housing could be reused the temporary housing can be reused once the construction phase no longer requires it.