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NEOM Bay Airport first flight arrives…

August 3, 2019

NEOM Bay Airport welcomed its first Saudi Arabian Airlines flight. NEOM, a $500 billion megacity in the Kingdom’s northwest, is a key part of Saudi Arabia’s 2030 vision to diversify its economy and boost international business ties.

Passengers travelled to NEOM Bay Airport on two Airbus A320 planes to familiarise themselves with the area as they are working on the project.

NEOM CEO Nadhmi Al-Nasr said: “We wanted our employees to experience the project which they have been working on to make a success since its inception last year.

There is a big difference between knowing the details of the project in theory and visiting it practically, exploring its treasures, beauty, and heritage.”

He thanked Saudi Arabian Airlines for facilitating the trip, and said he looked forward to further cooperation with them and with other transport companies to serve NEOM residents and visitors in the future.

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NEOM Location by the Red Sea in Saudi Arabia

August 30, 2018August 17, 2020

NEOM LOCATION – The NEOM project is located in the northwest of the Kingdom and includes land within the Egyptian and Jordanian borders, extended along with Aqaba Gulf and 468 km of coastline with beaches and coral reefs, as well as mountains up to 2,500 m high will provide many development opportunities with a total area of around 26,500 km².

Initial ground-breaking will be in the last quarter of 2019, with phase one completed in 2025, according to a tour of the city given to delegates attending the Future Investment Initiative in Riyadh.

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Aradhana Khowala appointed NEOM’s Tourism Director

August 30, 2018August 30, 2018

On Wednesday 29th August 2018, NEOM have appointed Aradhana Khowala as their managing director of tourism.

NEOM Project, a $500 billion mega-city, is a key part of the Kingdom’s strategic vision to diversify the economy.

Khowala, who was CEO & founder of Aptamind, is considered a world expert in the tourism and hospitality industry, and was awarded the 21st Century Icon Awards in association with CNBC and London School of Economics as an inspirational game changer and tourism leader.

The Red Sea project and NEOM are set to enhance Saudi Arabia’s position on the touristic map of the world. At the end of July, Saudi Arabia’s King Salman holidayed at NEOM to enjoy some rest and recreation, according to state media.

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Around 40 cinemas in 15 cities in Saudi Arabia…

April 26, 2018August 30, 2018

The Saudi Ministry of Culture and Information has signed an agreement with AMC to open around 40 cinemas in 15 cities in Saudi Arabia over the next five years.

Saudi Arabia, with a population of 32 million, mostly under the age of 30, is expected to be the region’s largest market for movie theaters. Last December, the Ministry of Culture and Information announced that commercial cinemas would be allowed to operate in the Kingdom starting from 2018, for the first time in more than 35 years. Some 350 cinemas with more than 2,500 screens will be opened by 2030.

Dr. Awad bin Saleh Al-Awad, Minister of Culture and Information, said that granting the first license provides important investment opportunities for the cinema industry. He pointed out that the Saudi market is large and most of the population is under the age of 30, so they are eager to watch their favorite films in their country. He added that the goal of the Kingdom’s Vision 2030 is to improve the quality of life by providing additional leisure opportunities. He pointed out that the opening of cinemas will help support the local economy and contribute to the creation of new jobs. The cinemas will not require men and women to sit separately, a source revealed.

Vision 2030 has set a target of raising Saudi Arabia’s annual spending on cultural and recreational activities from 2.9% of total Saudi household spending to 6% by 2030. The move to allow movie theaters to open up a local market with annual ticket sales of up to $1bn is what makes other leading movie chains keen to enter as the largest market in the Gulf region.

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50 Islands Red Sea Luxury Resort in Saudi Arabia

February 20, 2018August 30, 2018

Saudi Arabia has launched a massive tourism development project that will turn 50 islands and other sites on the Red Sea into luxury resorts.

It hopes to attract both foreign tourists and domestic visitors as part of efforts to diversify the Saudi economy, as oil prices have fallen.

Visa restrictions on foreigners are to be eased in the tourist zone.

However, it is not clear whether dress codes and other restrictions in the conservative kingdom will be relaxed.

Alcohol, cinemas and theatres are prohibited in Saudi Arabia.

Women must wear loose-fitting, full-length robes known as “abayas” in public, as well as a headscarf if they are Muslim. They are not allowed to drive and often require a male guardian’s permission to study or travel abroad.

Construction of the new resorts is due to start in 2019. The first phase will include developing a new airport as well as luxury hotels and housing, and is expected to be complete in 2022.

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NEOM Real Estate & Property in Saudi Arabia

December 13, 2017December 13, 2017

NEOM Real Estate – the next big property boom?

Saudi Arabia’s drive towards indepence from oil by 2030 is rapidly taking shape with economical and social reforms. None more so than the $500 Billion Dollar Mega City project NEOM. Set to be the jewel of the Middle East for its innovation in how future civilisations will evolve and be nutured, NEOM plans to implement the very latest technologies and scientific research the world has ever seen.

With the development of NEOM comes huge Property and Real Estate opportunities on a scale never witnessed before. Commercial and Resdiential properties will see rapid growth both in development and value.

NEOM-Property.com remains at the forefront of Saudi Arabia’s property NEOM project as the source for these early opportunities in this dynamic real estate market.

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Boost in Ratings for Saudi Arabia Reform Program

November 21, 2017August 30, 2018

Saudi Arabia Reforms – Political reforms in Saudi Arabia have potentially lifted the country’s appeal to investors, as well as widening opportunities for Saudi citizens, according to a report out today from New York-based credit ratings agency Standard & Poor’s.

The agency said its ratings on Saudi Arabia debt were unchanged at ‘A-/A-2’ , and the outlook remained ‘stable’.

The stable outlook was based on S&P’s expectation that the Saudi authorities would continue to take steps to consolidate public finances and maintain government liquid assets close to 100 percent of GDP over the next two years.

The agency said: “We think the risks emanating from recent shifts in Saudi Arabia’s political power structures and societal norms, alongside various regional stresses, are balanced by the possibility that these structural reforms could empower Saudi citizens and make Saudi Arabia more attractive to investors over the medium term.”

S&P said it could lower its ratings in the event of further deterioration in Saudi Arabia’s public finances. “Fiscal weakening could entail prolonged double-digit central government deficits as a percentage of GDP, a quicker drawdown of fiscal assets, or an unexpected materialization of contingent liabilities,” it said.

KSA’s debt ratings could also come under pressure if the agency observed a “significant” increase in domestic or regional political instability “as a result of the increasing centralization of power.”

Conversely, the agency could raise its ratings if Saudi Arabia’s economic growth prospects improved markedly beyond S&P’s current assumptions.

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Siemens eyes role in development of Saudi Arabia’s $500b…

November 7, 2017August 30, 2018

NEOM MEGA-CITY: Siemens, is in talks with Kingdom of Saudi Arabia for a role in the development of Neom, the $500b special economic zone announced by the kingdom last month.

Siemens has a long established relation with Saudi Arabia and it is getting prepared to help Opec’s biggest oil producer achieve its economic diversification goals.

Neom is part of the Vision 2030 goals and cooperation between the kingdom and Siemens on how to assist and help the kingdom in achieving their goal.

Saudi Arabia, which is heavily dependent on sale of hydrocarbons for revenues, is pursuing a fiscal and economic reform agenda under the overarching Vision 2030 programme and aims to open up the biggest Arab economy to foreign investment. Crown Prince Mohammed Bin Salman, senior ministers and government officials hosted the who’s who of the global financial and business elite for three days in Riyadh last month and launched Neom Mega-city, on day one of the Future Investment Initiative.

The metropolis overlooking the the Red Sea to the south and the Gulf of Aqaba to the west, will be backed by more than $500bn from the kingdom’s coffers, investments by its sovereign wealth fund Public Investment Fund (PIF), and local as well as international investors. Saudi Arabia is set to bring a major global fund with access to a worldwide network of investors and major companies on board to drive the success of Neom.

Spanning 26,500 square kilometres, Neom’s land mass will extend into Egypt and Jordan, making it the first private zone to cover three countries. It will focus on nine specialised investment sectors including energy and water, mobility, biotechnology, food, technological and digital sciences, advanced manufacturing, media and entertainment.

Prince Mohammed dubbed Neom Mega-City a “place for dreamers”, a project that will be built with the newest technologies.

Siemens has the ability to provide Neom with solutions for affordable, reliable and sustainable power; efficient network of transportation; security and safety; water and waste water management and sustainable efficient buildings.

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International Monetary Fund endorses Saudi Arabian plan to build…

November 2, 2017August 30, 2018

The International Monetary Fund has endorsed an ambitious Saudi Arabian plan to build a $500-billion business and industrial zone extending into Jordan and Egypt, saying the project could benefit the whole region.

The plan to develop the zone, known as NEOM, could stimulate trade and allow the Middle East to capitalize on its location as a bridge between Asia and Europe.

The NEOM scheme, unveiled by Saudi Crown Prince Mohammed bin Salman at an international conference in Riyadh last week, would develop industries such as energy and water, biotechnology, food, advanced manufacturing and entertainment in a 26,500-sq-km (10,230-sq-mile) zone with its own laws and judicial system.

Riyadh has indicated that much of the huge cost of the zone will be borne by the Saudi government, but a large, though undisclosed, portion would come from domestic and international private investors.

Governments in the region are starting to look outwards again after having spent the past five or six years focused on coping with political instability and a plunge in oil prices.

An IMF (International Monetary Fund) study published on Tuesday suggested the Middle East and North African region could add 1 percentage point to its average economic growth over five years by participating more actively in international trade and removing barriers to cross-border commerce.

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NEOM Mega City in Saudi Arabia

November 2, 2017August 30, 2018

Saudi Arabia will build a new mega city by the Red Sea called NEOM.

It is a 26,500km2, $500 billion project that will transform #KSA into a global hub with a diversified economy. The project is found in the north-west of the Saudi Arabia Kingdom. It includes land among the Egyptian and Jordanian borders. The location of the project is exclusive. The temperature is regarding 10° C below the typical temperature across GCC.

Backed by the Kingdom’s vast Public Investment Fund, the 2030 Vision project will operate as an independent economic zone powered solely by regenerative energy, spanning three countries, complete with its own self-governing laws and regulations and all strategically designed for economic stimulation.

The project’s vision is to make it the best place in the world for living and working.

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NEOM Real Estate – the next big property boom?

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