NEOM Chief Urban Development Officer: The Line to Represent an Int’l Standard for World Cities

The Line will change the way of life and behavior of the population. Asharq Al-Awsat
The Line will change the way of life and behavior of the population. Asharq Al-Awsat
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NEOM Chief Urban Development Officer: The Line to Represent an Int’l Standard for World Cities

The Line will change the way of life and behavior of the population. Asharq Al-Awsat
The Line will change the way of life and behavior of the population. Asharq Al-Awsat

Antoni Vives, Chief Urban Development Officer at NEOM, said that ongoing works in the city of The Line are accelerated to complete several stages and start welcoming residents and visitors by 2025.

In an interview with Asharq Al-Awsat, Vives noted that the city, which is scheduled to be fully completed by 2030, would be the home to the biggest developers of the knowledge economy environment worldwide, as the project aims to be a benchmark for the perceptual city in the world.

The plans are proceeding in an integrated manner that is consistent with the nature of the modern city, in accordance with the requirements of NEOM, with the goal to transform the vision of the Saudi Crown Prince into reality, he emphasized.

Vives also revealed that the city’s airport – one of the largest in the world – would be ready before 2030.

The project aims to transform all challenges into amazing solutions and opportunities to build a different human future by exploiting the latest types of modern technology, through a cognitive city that uses artificial intelligence, away from congestion and noise, and protected from carbon and industrial pollutants, he underlined.

According to Vives, great work has been achieved in the initial stage of the project over the past three years.

He revealed that The Line would change the way of life and behavior of the population, in a manner that preserves a safe and pure environment, while providing an amazing lifestyle in terms of food, sports, transportation, tourism and other features.

It will be an astounding city; yet, it is racing against time to exploit the latest technologies. It is a city with amazing modern technological development and constant renewal, he said.

Vives stressed that attracting global residents and investors to NEOM was a continuous strategy that would be always maintained, as it seeks to create a new and attractive world that gives human life a wide range of luxury and happiness with its large areas of fun and gardens of beauty.

This part of the world is not just a piece of land, but an integrated life structure, in which the means of transport run in an unprecedented modern way, where senior researchers, scientists and innovators work to make everything within reach in a different, unconventional way, far from anything familiar, the NEOM Chief Urban Development Officer told Asharq Al-Awsat.

The Line aims to be the international standard for world cities, he said, adding that all business, machinery, and services will be managed with renewable energy, which enhances the added value of energy in the city, away from pollution.



Israeli Assets Slide as Regional Tensions Escalate

New Israeli Shekel banknotes and coins are seen in this picture illustration taken November 9, 2021. REUTERS/Nir Elias/Illustration/File Photo
New Israeli Shekel banknotes and coins are seen in this picture illustration taken November 9, 2021. REUTERS/Nir Elias/Illustration/File Photo
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Israeli Assets Slide as Regional Tensions Escalate

New Israeli Shekel banknotes and coins are seen in this picture illustration taken November 9, 2021. REUTERS/Nir Elias/Illustration/File Photo
New Israeli Shekel banknotes and coins are seen in this picture illustration taken November 9, 2021. REUTERS/Nir Elias/Illustration/File Photo

The cost of insuring Israel's debt against default rose on Thursday, and its bond prices and stock indexes slid, as regional security concerns spiked and the country's own government wobbled.

Israel's five-year credit default swaps rose nine basis points (bps) from Wednesday's close, to reach 107 bps, according to S&P Global Market Intelligence, while its international dollar bonds slid more than 1 cent, Reuters reported.

The 100-year issuance, which matures in 2120, shed more than 1.3 cents before retracing some of the loss to be bid at 67 cents on the dollar, Tradeweb data showed.

"A possibility of a more pronounced geopolitical deterioration may take its toll on the local economy and the fiscal deficit, and also make it more challenging for Bank of Israel to lower its rates later this year," said Ronen Menachem, chief markets economist with Mizrahi Tefahot Bank.

The United States has restricted government employees' travel outside certain Israeli cities, and pulled some personnel out of the Middle East, due to escalating tensions with Iran.

Benjamin Netanyahu more time resolve its worst political crisis yet and avoid a ballot that polls suggest he would lose.Israel's parliament rejected early on Thursday a preliminary vote to dissolve itself, giving the ruling coalition led by Prime Minister

Israel's stocks also slid, with the blue-chip and the broader indexes down roughly 2%. The shekel currency fell just less than 1% versus the US dollar, to 3.56, but remained up 2% year to date.

Still, Menachem noted that local indexes are near all-time highs, and assets have rebounded from other recent security related declines.

Markets broadly moved into risk-off mode, with oil prices spiking and fixed income instruments in other emerging markets coming under downward pressure.