![Neom (styled NEOM; Arabic: نيوم Neom, Hejazi pronunciation: [nɪˈjo̞ːm] ) is a Saudi city being built [2] in the Tabuk Province o](https://upload.wikimedia.org/wikipedia/commons/thumb/3/37/Saudi_Arabia_location_map_neom.svg/1200px-Saudi_Arabia_location_map_neom.svg.png "Neom - Wikipedia")
Neom - Wikipedia
Neom (styled NEOM; Arabic: نيوم Neom, Hejazi pronunciation: [nɪˈjo̞ːm] ) is a Saudi city being built [2] in the Tabuk Province of northwestern Saudi Arabia. It is planned to incorporate smart city technologies and to function as a tourist destination. The site is north of the Red Sea, east of Egypt across the Gulf of Aqaba, and south of Jordan.[3] It will cover a total area of 26,500 km2 (10,200 sq mi) and will extend 460 km along the coast of the Red Sea.
Saudi Arabia aims to complete the first section of Neom by 2025.[4][5] The project has an estimated cost of $500 billion.[6] On January 29, 2019, Saudi Arabia announced that it had set up a closed joint-stock company named Neom.[7] The aim of this company, which is wholly owned by the Public Investment Fund, the sovereign wealth fund, is to develop the economic zone of Neom.[8] The project is planned to be totally powered by renewable energy sources.[9] Nadhmi Al-Nasr is the chief executive officer of the Neom joint-stock company.[10]
The city was announced by Saudi Crown Prince Mohammad bin Salman at the Future Investment Initiative conference in Riyadh, Saudi Arabia on October 24, 2017.[11] He said it will operate independently from the “existing governmental framework” with its own tax and labor laws and an "autonomous judicial system."[12] Egypt announced in 2018 that it is contributing some land to the Neom project.[13]
