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KSA to Announce NEOM Project’s Overall Strategy Mid-2019

KSA to Announce NEOM Project’s Overall Strategy Mid-2019

Friday, 1 February, 2019 - 11:30
Neom Bay. Neom
Riyadh- Asharq Al-Awsat

Chief Executive Officer of Neom Nadhmi al-Nasr said that a comprehensive strategy for Neom project will be announced within the next five months in addition to a strategy for each sector.

He noted that the first phase of the project will start in two months and will include the construction of Neom Bay.

The bay will also include tourist sites, hotels, residential homes, and offices for major companies, Nasr explained, pointing to the new technologies that will be used in the city and will be aimed at empowering minds and innovations.

Speaking at the Saudi-UAE Economic Forum, which was held in Riyadh on Thursday, Nasr talked about the numerous investment opportunities that are topped by achieving the first phase, namely building hotels, offices and shops.

“During the next two months, integrated information will be gathered on all investment opportunities for investors,” he said, adding that they will work in the coming period to attract foreign investment funds.

He revealed that meetings were held with nearly 200 Saudi investors who are looking for opportunities.

Nasr said the city will be the first with an area of more than 27,000 kilometers squared that is completely dependent on renewable energy.

When asked about the financial return to the Saudi economy, Nasr said that part of the strategy is to calculate the financial and economic return of all projects to achieve the planned goals.

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