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Saudi King arrives for holiday at unbuilt $500bn mega city

King Salman bin Abdulaziz Al Saud has opted for a staycation at the $500bn NEOM megaproject in the country's northwest region along the Red Sea

Saudi's new $500bn city aims to revolution the kingdom's economy.
Saudi's new $500bn city aims to revolution the kingdom's economy.

King Salman bin Abdulaziz Al Saud is in the unbuilt Neom mega city in the kingdom's northwest for a holiday.

The Custodian of the Two Holy Mosques arrived at the yet-to-be-built $500bn Neom beach resort on Monday, 30 July, for a period of "rest and recreation", state-run Saudi Press Agency said. 

Spanning more than 26,500km², Neom will focus on nine investment sectors including energy and water, mobility, biotech, food, technological and digital sciences, advanced manufacturing, media, entertainment,and sustainable living.

READ: First contracts awarded for Saudi's $500bn Neom city

A special authority chaired by HRH Mohamed bin Salman will be responsible for the development of the megaproject, which will be financed by the country's sovereign wealth fund, the Public Investment Fund.

Construction on critical infrastructure linked to Neom has already started and the first phase of the project is excepted to be completed in 2025.

The first tranche of contracts for the construction of palaces for senior Saudi royalty have already been awarded. Saudi Binladin Group, the country's biggest construction firm, is believed to have been tasked with building at least once palace.

Former Saudi Aramco heavyweight Eng Nadhmi Al-Nasr was named chief executive officer for Neom. 

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Construction Week - Issue 741
May 11, 2019