Saudi Arabia– Neom is a mega flagship economic zone located in the far Northwest of Saudi Arabia. According to the official statements by the London headquartered news agency Arabian Gulf Business Insight on Monday, Neom is to consume one-fifth of the world’s steel production.
Manar Al Moneef, Neom’s Chief Investment Officer, shared insights at the Global Logistics Forum held at Riyadh’s King Abdullah Financial District, that Neom is a futuristic city, that is set to become the largest consumer of construction materials globally for several decades.
Neom is within the country’s broader economic development strategy, which has a total value of over $1.25 trillion (Dh4.5 trillion). However, the project faced a few hindrances due to the Saudi Public Investment Fund (PIF) which is a challenge due to the declining oil prices and the need to allocate resources for other major projects in Riyadh ahead of the World Expo 2030 and the 2034 World Cup.
Neom’s development projects, including The Line, a linear city extending 170 kilometers by its completion by 2045, with a 5-kilometre segment expected by 2030. Noem’s other notable developments include the Trojena winter resort, twelve luxury resorts collectively known as Magna, the Sindalah island resort, and Oxagon, an industrial city, as per the report on Gulf news.