Saudi Arabia, under the leadership of Crown Prince Mohammed bin Salman, has embarked on a series of ambitious mega-projects aimed at diversifying the country’s economy and reducing its dependence on oil. These projects, part of the Saudi Vision 2030 plan, are set to transform the nation into a global hub for trade, tourism, and innovation.
Contents
- Mega Projects in Saudi Arabia
- NEOM Megacity: The Future of Urban Living
- What is NEOM?
- Where is NEOM?
- What will be in NEOM?
- NEOM’s Unique Features
- Red Sea Tourism Development: A New Era of Leisure
- Why Choose NEOM?
- More about Saudi Vision 2030
- Strategic Objectives
- What is the state of Saudi Arabia’s economy five years after Vision 2030 was introduced?
- Conclusion
- People May Ask
- What is NEOM?
- Who is funding the NEOM project?
- Where is NEOM located?
- What are the key projects in NEOM?
- What is the purpose of the NEOM project?
- What is the expected completion date for the NEOM project?
- What are the environmental implications of the NEOM project?
- What are the economic implications of the NEOM project?
- What are the opportunities for investment in NEOM?
- What job opportunities does NEOM offer?
Mega Projects in Saudi Arabia
Mega Project |
Description |
Key Features |
Expected Completion |
|---|---|---|---|
NEOM |
A large area is aloted for development, described as a region containing has a number of developments like cities, resorts, and more. |
The total consists of 10 projects, which are referred to as regions. As of now, four areas’ details have been announced: Trojena, The Line, Oxagon, and Sindalah. |
The first region is expected to open for visitors in 2024. |
Red Sea Tourism Development |
An initiative to change the Red Sea into a global tourism hotspot. |
Includes an archipelago of historical sites, over 90 islands, and a nature reserve. |
Phase one is expected to be completed in 2022. |
Qiddiya Entertainment City |
An entertainment mega-project is being made on the Riyadh outskirts. |
It will have motorsports facilities, theme parks, and a safari area. |
It is expected to open in 2023. |
King Salman Park |
A green development project in Riyadh. |
It will include a park with a lake, theatres, an art centre, and sports facilities. |
As of now, no clear completion date has been announced. |
Diriyah Gate |
A lifestyle and cultural tourism destination. |
Has 100 restaurants and 20 hotels in a world heritage site. |
It is expected to be completed in 2030. |
NEOM Megacity: The Future of Urban Living
NEOM, arguably the world’s largest and most controversial architecture project, is a key initiative of the Saudi Vision 2030 plan.
What is NEOM?
NEOM is a large area of Saudi Arabia earmarked for development. More than a smart city, NEOM is a region that will contain numerous cities, resorts, and other developments. The project is being largely bankrolled by the Public Investment Fund, which invests funds on behalf of the government of Saudi Arabia.
Where is NEOM?
NEOM consists an area of around 10,200 square miles in northwestern Saudi Arabia, bounded by the Red Sea to the south and the Gulf of Aqaba to the west.
What will be in NEOM?
NEOM will consist of 10 projects referred to as regions. So far, details of four of the regions have been announced:
The Line
The Line will be a 170-kilometre linear city that will house 9 million people. It will go from east to west across the region of NEOM. As per the developer, the city will have 500-metre-high, two parallel, linear skyscrapers standing 200 metres apart. The buildings will have mirrored facades.
Oxagon
Oxagon is planned as an octagon-shaped port city on the Red Sea at the far south of the NEOM region. As per the developer of NEOM, the logistics hub and port will be the “world’s largest floating structure. “
Trojena
Trojena is planned as a ski resort in the Sarwat Mountains near the north of the NEOM region. The 60-square-kilometre skiing and outdoor-activity resort will offer year-round skiing and is set to host the 2029 Asian Winter Games.
Sindalah
Sindalah is planned as an island resort within the Red Sea. Aimed at the yachting community, the 840,000-square-metre island will have an 86-berth marina and numerous hotels.
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NEOM’s Unique Features
NEOM’s unique location will provide residents with enhanced livability while protecting 95% of the surrounding natural landscape. NEOM is a special economic zone; its innovative work across multiple sectors will not only diversify the Kingdom’s economy but offers solutions that other parts of the world can benefit from.
Red Sea Tourism Development: A New Era of Leisure
The Red Sea tourism development is another mega-project that aims to boost Saudi Arabia’s tourism sector. Located at the northeast tip of the Red Sea, near Jordan and the Sinai desert, this project aims to create a new megalopolis, stretching over 450 km of coastline, dotted with some forty islands.
Implications and Progress
These mega-projects have significant implications for Saudi Arabia and the world. They represent a shift in the country’s economic focus from oil to more sustainable sectors like tourism and technology.
By 2024, the first region of NEOM is expected to open for visitors. The projects are also expected to create numerous job opportunities, attract foreign investment, and boost the country’s GDP3.
Why Choose NEOM?
NEOM is a unique investment opportunity, unrivalled anywhere else. This is not business as usual. By becoming part of the team at NEOM, you will join world-leading talents; a global community of visionary minds and adventurous spirits, brought together by the chance to make history.
More about Saudi Vision 2030
Saudi Vision 2030 is a strategic framework to reduce Saudi Arabia’s dependence on oil, diversify its economy, and develop public service sectors such as health, education, infrastructure, recreation, and tourism. Here are some key aspects of the vision:
A Vibrant Society
Vision 2030 aims to create a vibrant society in which all citizens can thrive. It values cultural traditions, national pride, and modern amenities, all while embodying the spirit of modern Islam and providing effective social services.
A Thriving Economy
The vision creates a thriving economy where everyone has the opportunity to succeed. By providing a supportive business environment for businesses of all sizes and investing in education to prepare for the jobs of the future, Saudi Arabia is creating an exciting and prosperous future for all.
An Ambitious Nation
Vision 2030 ensures the establishment of a nation that is so very ambitious with efficiency and also accountability on all levels. It seeks to create an very efficient, transparent, accountable, empowering and also high-performing government.
Strategic Objectives
This roadmap is conceptualised under the leadership of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz al Saud, and also by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Crown Prince and Prime Minister. Saudi Arabia’s geostrategic position, investment strength and also centrality in the Arab & Islamic worlds are lever
With the introduction of Vision 2030, there has been unparalleled public-sector reforms in Saudi Arabia’s economy and society as a whole. This has resulted in enhanced government efficiency, new growth and investment opportunities, wider global involvement and a better life quality of their citizens.
Finally, Saudi Arabia’s Vision 2030 is a revolutionary and bold roadmap to unleash the power of its own people and build a diverse, inventive, and also world-class country.
What is the state of Saudi Arabia’s economy five years after Vision 2030 was introduced?
The Vision 2030 has initiated a very positive change in the Saudi economy since its launch. Here are some key changes:
- Economic Diversification: Economic diversification is one of the major objectives that Vision 2030 seeks to achieve. The country that has relied on the oil exports for a long time, is now diversifying. The country’s non-oil GDP ratio increased from 55 percent in 2016 to 59 percent in the. The non-oil revenues also grew from SR166 billion in 2015 to SR369 billion in the year 2020.
- Growth in Non-Oil Economy: Saudi Arabia has made meaningful strides in growing the non-oil economy through various developments and investments across strategic economic sectors2.
- Increased Private Sector Participation: The transformation in recent years has been unparalleled, with private sector participation of nationals at an all-time high.
- GDP Growth: Saudi Arabia’s gross domestic product has exceeded $1 trillion for the first time. It was the fastest-growing G20 economy in 20223.
- Investment in Renewable Energy: There has been significant funding going into renewable energy, such as the National Development Fund’s investment into the $2.21 billion Al-Shuaibah solar project.
- Aviation Industry Growth: The aviation industry in the country is soaring with ambitious new airlines, airports, and digital-first updates to existing players.
These changes are a result of the tireless efforts of Saudi citizens and partnerships with the private sector and non-profit sector, working together towards elevating the Kingdom’s position in the global arena.
Read Also: Sustainable Transportation: The Role of Saudi Railways in Vision 2030
Conclusion
Saudi Arabia’s mega-projects, including NEOM and the Red Sea tourism development, are ambitious initiatives that could transform the country’s economy and position it as a global leader in sustainable urban development. As these projects progress, they will undoubtedly face challenges, but their success could have far-reaching implications for the future of urban living.
People May Ask
What is NEOM?
NEOM is a large area of Saudi Arabia that has been earmarked for development. It’s an initiative of crown prince Mohammed bin Salman and is more accurately described as a region that will contain numerous cities, resorts, and other developments.
Who is funding the NEOM project?
The project is being largely bankrolled by the Public Investment Fund, which invests funds on behalf of the government of Saudi Arabia.
Where is NEOM located?
NEOM encompasses an area of around 10,200 square miles (26,500 square kilometers) in northwestern Saudi Arabia. The Red Sea bounds this area to the south and the Gulf of Aqaba to the west.
What are the key projects in NEOM?
NEOM will consist of 10 projects referred to as regions. So far, details of four of the regions have been announced: The Line, Oxagon, Trojena, and Sindalah.
What is the purpose of the NEOM project?
NEOM forms part of the Saudi Vision 2030 plan to diversify the country’s economy in order to reduce its dependence on oil.
What is the expected completion date for the NEOM project?
The first region of NEOM is expected to open for visitors in 2024.
What are the environmental implications of the NEOM project?
NEOM is expected to be a global blueprint for going green and aims to turn the vision of sustainable living into a reality.
What are the economic implications of the NEOM project?
NEOM is a special economic zone; its innovative work across multiple sectors will not only diversify the Kingdom’s economy, but offers solutions that other parts of the world can benefit from.
What are the opportunities for investment in NEOM?
NEOM presents a unique investment opportunity, offering potential investors the chance to be part of a project that is not business as usual.
What job opportunities does NEOM offer?
NEOM is looking for world-leading talents; a global community of visionary minds and adventurous spirits, brought together by the chance to make history.
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