![]() ![]() In 2018, Kleinfeld signed Gladstone Place Partners LLC to handle communications services for the Neom project for a fee of $199,500 plus expenses of $45,000. Klaus Kleinfeld was announced by Muhammed bin Salman as the inaugural director for the Neom project upon its launch. He said that it would operate independently from the “existing governmental framework” with its own tax and labour laws and an "autonomous judicial system." Egypt announced in 2018 that it would contribute some land to the Neom project. Saudi crown prince Mohammed bin Salman announced plans for the city at the Future Investment Initiative conference in Riyadh, Saudi Arabia on October 24, 2017. The fourth letter, M, is the first letter of Crown Prince Mohammed bin Salman's name, as well as the first letter of the Arabic word for "future" ( Arabic: مستقبل, romanized: Mustaqbal, Hejazi Arabic pronunciation: ). The first three letters form the Ancient Greek prefix νέο Neo- meaning "new". The company is wholly owned by the Public Investment Fund and is solely dedicated to developing the economic zone of Neom. On January 29, 2019, the Saudi government announced that it had established a closed joint-stock company named Neom. The project's estimated cost exceeds $500 billion. By July 2022, only two buildings had been constructed, and most of the project area remained bare desert. Saudi Arabia originally aimed to complete major parts of the project by 2020, with an expansion completed in 2025, but then fell behind schedule. Experts have expressed skepticism about the ambitions of the megaproject. It was launched by Saudi Crown Prince and Prime Minister Mohammed bin Salman.ĭevelopers intend for the majority of the city to be completed by 2039. The city's plans include multiple regions, including a floating industrial complex, global trade hub, tourist resorts and a linear city powered by renewable energy sources. The total planned area of Neom is 26,500 km 2 (10,200 sq mi). The site is north of the Red Sea, east of Egypt across the Gulf of Aqaba and south of Jordan. Neom (styled NEOM Arabic: نيوم, romanized: Niyūm, Hejazi Arabic pronunciation: ) is a new urban area planned by the Kingdom of Saudi Arabia to be built in its northwestern Tabuk Province. ![]()
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