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NEOM Targets 1 Million People, 5 Million Tourists by 2030

NEOM CEO Nadhmi al-Nasr addressing diplomats (Asharq Al-Awsat)
NEOM CEO Nadhmi al-Nasr addressing diplomats (Asharq Al-Awsat)
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NEOM Targets 1 Million People, 5 Million Tourists by 2030

NEOM CEO Nadhmi al-Nasr addressing diplomats (Asharq Al-Awsat)
NEOM CEO Nadhmi al-Nasr addressing diplomats (Asharq Al-Awsat)

The second phase strategy of NEOM will be complete by the end of 2019, with the project targeting 1 million people and 5 million visitors by 2030, announced NEOM CEO Nadhmi al-Nasr.

Speaking to over 160 diplomats who attended NEOM’s first ever beach sports events, Nasr stated that the first phase of NEOM’s construction is now complete and phase 2 strategy has started.

“We started Phase 2’s strategy, and we will finish that by the end of 2019, which means by the end of the year we will share with the world what NEOM is going to be,” the CEO added. 

He explained that one of NEOM's business objectives is to be the home for new technologies that will affect the next wave of industrialization, adding that to launch this development, NEOM plans to fund technical development and partner with international technical firms.

The second phase of the strategy will include the announcement of the details of the 16 economic sectors covered and the areas of NEOM.

Tourism is one of its 16 economic sectors, and that is why NEOM plans to be a major destination for visitors and tourists through the development of island and mountain resorts.

Nasr admitted that attracting such a huge number of visitors is a challenge, with some even saying “this is a long shot, but our business is to only address long shots.” 

He told the attendees that NEOM is strategically situated in a location accessible by 70 percent of the global population within eight hours, as Rome can be reachable by air in around three hours, while London is five hours away.

Nasr said that NEOM is in talks with many international investors even at this initial stage of the project, noting that the search for partnership opportunities with many trading partners in the world is still underway.

He concluded: “We started NEOM but we aren’t going to finish. There is no end to NEOM.”

In his address, he invited the diplomats to be part of NEOM. “We want you to think that one day you could be living in NEOM, working and retiring in NEOM, and of course, we don’t mind you investing in NEOM.”

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Oil Trades in Tight Range Ahead of US Election

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
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Oil Trades in Tight Range Ahead of US Election

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo

Oil prices traded in a narrow range on Tuesday ahead of what is expected to be an exceptionally close US presidential election, after rising more than 2% in the previous session as OPEC+ delayed plans to hike production in December.
Brent crude futures ticked down 3 cents, or 0.04%, to $75.05 a barrel by 0600 GMT, while US West Texas Intermediate crude was at $71.43 a barrel, down 4 cents, or 0.06%.
"We are now in the calm before the storm," IG market analyst Tony Sycamore said.
Oil prices were supported by Sunday's announcement from the Organization of the Petroleum Exporting Countries (OPEC) and their allies, a group known as OPEC+, to push back a production hike by a month from December as weak demand and rising non-OPEC supply depress markets, Reuters said.
Still, risk-taking remains limited with a busy week - including the US election, the Federal Reserve's policy meeting, and China's National People's Congress (NPC) meeting - keeping many traders on the sidelines, said Yeap Jun Rong, market strategist at IG.
For now, polls suggest the US presidential race will be closely contested, and any delay in election results or even disputes could pose near-term risks for broader markets or drag on them for longer, added Yeap.
"Eyes are also on China's NPC meeting for any clarity on fiscal stimulus to uplift the country's demand outlook, but we are unlikely to see any strong commitment before the US presidential results, and that will continue to keep oil prices in a near-term waiting game," Yeap said.
Meanwhile, OPEC oil output rebounded in October as Libya resumed output, a Reuters survey found, although a further Iraqi effort to meet its cuts pledged to the wider OPEC+ alliance limited the gain.
More oil could come from OPEC producer Iran as Tehran has approved a plan to increase output by 250,000 barrels per day, the oil ministry's news website Shana reported on Monday.
In the US, a late season tropical storm predicted to intensify into a category 2 hurricane in the Gulf of Mexico this week could reduce oil production by about 4 million barrels, researchers said.
"Technically, crude oil needs to rebound above resistance at $71.50/72.50 to negate the downside risks," IG's Sycamore said, referring to WTI prices.
"All of which suggests there won't be a scramble to chase it higher in the short term."
Ahead of US weekly oil data on Wednesday, a preliminary Reuters poll showed on Monday that US crude stockpiles likely rose last week, while distillate and gasoline inventories fell.