Saudi Arabia to roll-out general plan for NEOM mega economic zone in two months

'2020 would be the year of execution for NEOM,' says CEO Al-Nasr

  
NEOM CEO Nadhmi Al-Nasr speaks at the Future Investment Initiative conference in Riyadh on October 25, 2018. Image provided by Center for International Communication, Ministry of Media, Kingdom of Saudi Arabia.

NEOM CEO Nadhmi Al-Nasr speaks at the Future Investment Initiative conference in Riyadh on October 25, 2018. Image provided by Center for International Communication, Ministry of Media, Kingdom of Saudi Arabia.

Center for International Communication

28 January 2020

Nadhmi Al-Nasr, CEO of Neom told the Saudi Press Agency (SPA) on Tuesday that general plan for the implementation of the mega economic zone would be announced in the next two months.

He said the plan would include implementation and construction timelines for the development located on the Red Sea coast with the initial phases focusing on infrastructure development.

The $500 billion economic zone would be owned by the Saudi government's Public Investment Fund (PIF), according to a January 2019 report by Reuters.

Al-Nasr told SPA that "2020 would be the year of execution for NEOM."

On Monday, Saudi newspaper Asharq Al-Awsat reported that NEOM has signed an agreement with Tabuk and Fahad bin Sultan universities to launch NEOM Academy in order to develop a trained workforce for the economic sectors planned to be developed under NEOM.

In September 2019, Reuters had reported that NEOM had awarded contracts to finance, build, and operate the construction village that would house 3,000 workers. Prior to that, in June, a Reuters report said AECOM has been appointed as a project management consultant for part of NEOM Bay, the first urban area to be developed in the zone.

(Writing by Syed Ameen Kader; Additional writing by Gerard Aoun; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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