Crown Prince announces project ''NEOM'', Future Destination 2 Riyadh

Tuesday 1439/2/4 - 2017/10/24
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Among foundations on which NEOM project are based its overlooking the Red Sea coast, which is the major economic artery, through which about 10% of the world trade movement passes and its location is considered as an axis connecting the three continents: Asia, Europe and Africa as 70% of the world's population can have access to the site within a maximum of 8 hours, allowing the world's best knowledge, technology, research, education, living and work to be gathered. The site will also be the main entrance to King Salman Causeway, which will link Asia and Africa, enhancing its position and economic importance.
"NEOM" project will include territories within the Egyptian and Jordanian borders, to be the first private zone extending among three countries.
The financing component and financial capacity are of the main components of the project, which will depend on the Saudi economy in particular backed by the Public Investment Fund (PIF), which has recently become a major global fund with huge investment potentials and access to a large network of investors and major companies around the world to be employed to make the project a success.
NEOM project will serve as a linking point for economic axes, attracting global capital and investment, thus the PIF will get huge returns on the long term, contributing to strengthening the Kingdom of Saudi Arabia's economy and generating high returns for investors. The project will also limit the leakage of funds abroad the Kingdom and aim to be one of the most important economic and scientific capitals in the world.
Attracting international investors to the region and involving them in its development and construction whether by them for their own benefit, is one of the main possibilities for the success of this project and its most attractive elements which will help them to grow and prosper in their businesses and this is confirmed by the high flexibility to develop regulations and legislations by the investors and promote the technical and community's innovation in accordance with international best practices, as the project region regulations are independent of the Kingdom's ones except sovereignty.
13:53 LOCAL TIME 10:53 GMT