Overview

Located in the Arabian Peninsula, Saudi Arabia is the world’s preeminent oil producer. The Saudi government seeks to diversify its economic base beyond this sector. This effort includes the introduction of Saudi Vision 2030 and the development of economic cities. The government has initiated the construction of new urban centres in various locations throughout the country to attract foreign investors worldwide. In January 2024, Saudi authorities broadened the scope of the Premium Residency Permit program. This expansion now includes new categories of expatriates, such as property owners and investors, eligible for extended residency in the country.

NEOM, a key project in this initiative, promises exceptional living conditions and economic opportunities. This project aims to lead the way in several vital sectors: energy, food, media, water, mobility, tourism, sport, education, and others. NEOM is envisioned as a state-of-the-art city, aiming to become a global hub for innovative breakthroughs and a model for sustainable living. It encompasses a range of subprojects, including residential, industrial, tourism, commercial, and renewable energy developments, all within a single expansive area

Introduction to NEOM

NEOM, combining Greek and Arabic for “new future,” is a bold new city project by Saudi Arabia. Planned in the northwest of the country, it aims to make the economy less dependent on oil and more diverse. The project has caught the world’s attention because it promises to be sustainable and full of new ideas, with 11 unique areas. Neom Bay Airport now has international flights to and from big cities like Dubai, Doha, and London, connecting it to global business and travel networks.

The NEOM project is set to make Saudi Arabia an essential place for innovation and trade by bringing in new industries and technologies. This will help grow local businesses, create jobs, and increase the country’s income. NEOM is expected to be the home and workplace for over a million people worldwide. It will have residential areas, ports, business zones, research centres, and places for sports, entertainment, and tourists to visit.

Originally thought to cost $500 billion, the budget for NEOM has been updated. The first part of the project is now set to cost about $319 billion, with the Saudi government’s investment fund paying for half of it.

The Line

The Line is a new part of the NEOM project that Saudi Arabia’s government introduced. It’s a long, 170-km city development stretching from the mountains and valleys in the northwest of Saudi Arabia to the Red Sea coast. The Line is unique, only 200 meters wide, and it’s trying out a new way of city living. It will have two parallel tall, mirror-covered walls, with space inside for buildings, parks, schools, homes, and workplaces. The plan is to fit 9 million people into 34 square kilometres.

Trojena

Trojena, known as “The Mountains of NEOM” and situated 50km from the Gulf of Aqaba, is a key part of NEOM’s development. It’s a place where winter brings sub-zero temperatures, making it perfect for Trojena’s 36 km of ski slopes and various outdoor activities. Beyond sports, the area will offer 42,000 square meters of shops and places to eat, plus more than 3,000 rooms in hotels and serviced apartments. Trojena caught the world’s eye when it was chosen to host the 2029 Asian Winter Games. The region’s layout is the work of LAVA architects, including a plan for a 330-meter-tall tower designed by Zaha Hadid Architects.

Epicon

Epicon, located along the northern coastline of Saudi Arabia, is designed to offer visitors a unique experience of exploration and luxury. As the newest addition to NEOM’s range of tourism spots, Epicon will showcase high-end homes, beachfront villas, and resort amenities. Highlighting the property are two impressive towers, one standing at 225 meters and the other at 275 meters tall, offering 41-key hotels and residential spaces to provide a retreat from daily pressures.

Siranna

Siranna is set as a vacation destination in Northwest Saudi Arabia. This development is at the intersection of innovation, sustainability, and luxury, strongly emphasising environmental conservation and minimal ecological footprint. The unveiled architectural designs are inspired by the natural landscape, seeking to blend seamlessly with the surrounding mountains and wadis. This aligns with NEOM’s overarching aim to craft spaces that are both luxurious and in harmony with nature.

Leyja

Leyja, within NEOM, presents a master plan centred around three hotels, each crafted by internationally celebrated architects. Originally a pristine valley surrounded by mountains soaring 400 meters high, Leyja’s development includes a remarkable hotel by Chris van Duijn, a hotel with a reflective exterior designed by Shaun Killa, and a hotel that rises vertically as the rock faces around it by Mario Cucinella. Leyja is committed to conserving its natural beauty, planning to leave 95% of its terrain undisturbed and employing eco-conscious construction methods that harmonise with its surroundings.

Aquellum

Aquellum is the latest reveal from NEOM, positioned as a mountain retreat that marries innovation with nature. This development is tucked away along the Gulf of Aqaba, hidden within mountains reaching 450 meters. Aquellum aims to redefine conventional building practices, notably by introducing the world’s first floating marina. This marina is designed to move through a hidden underground canal, making the entire master plan a journey of sensory exploration.

Sindalah

Sindalah marks NEOM’s first step into island resort development near The Line on the Red Sea. Poised to be the earliest completion among NEOM’s diverse areas, Sindalah offers a bridge to the Mediterranean allure with its beach club, yacht club, spa, wellness facilities, hotels, and a large marina. This destination is crafted to provide a luxurious experience throughout the year, developed by the renowned Italian studio Luca Dini Design and Architecture and featuring three substantial hotels. Sindalah aspires to become NEOM’s leading luxury island and yacht club destination, setting a high standard for future developments.

Oxagon

Oxagon, designed by BIG (Bjarke Ingels Group), is set to emerge as a floating port city along the Red Sea Coast. Its primary mission is to facilitate maritime connections for vessels en route to the Suez Canal, bolstering Saudi Arabia’s role in regional trade and commerce. The city is planned to include a logistics hub and state-of-the-art manufacturing facilities, strategically positioning itself at the intersection of three continents: Africa, Asia, and Europe. This unique geographic and functional design underscores Saudi Arabia’s ambition to become a pivotal player in global logistics and industrial innovation.

Utamo

In December 2023, NEOM introduced Utamo, a new hub for arts and entertainment located within a mountain in the Gulf of Aqaba. Designed by Ricardo Bofill Taller de Arquitectura, this venue is equipped to host an array of cultural happenings, including performances by international artists, music events, exhibitions, and art activations. Utamo aims to revolutionise traditional entertainment paradigms by integrating advanced construction technologies with the natural landscape. Touted as the “theatre of the future,” it endeavours to blend the digital world into its offerings, providing a stage for top global talents.

Norlana

Norlana, situated along the coastline of the Gulf of Aqaba, is poised to redefine contemporary living. With a total of 711 residences, this development showcases a variety of home designs, a substantial marina, and a golf course cradled by the mountains. Designed for 30,000 inhabitants, this coastal yachting town is dedicated to innovating design principles that harmonise with water and the rugged terrain of the mountains, pioneering a novel architectural style.

Zardun

Zardun is emerging as a premier eco-tourism destination, combining luxury with sustainability. Set across four square kilometres by the beach, it features four iconic buildings and a rich natural landscape, home to diverse wildlife and offering stunning mountain-to-sea views. An experience centre with a 360-degree deck provides breathtaking vistas. The resort will have three themed boutique hotels with 100 rooms and suites, alongside outdoor and wellness activities like trekking, yoga, and more. Educational programs on environmental conservation are also planned. Zardun’s environmental commitment includes creating oases to support wildlife and enhancing its ecological contribution.

Why Invest in NEOM

Sustainable Urban Future: NEOM is pioneering sustainable urban living, embedding ESG principles at its core. Investors have a unique chance to shape global sustainability practices.

Diverse Investment Landscape: By offering expansive opportunities across various sectors, NEOM’s unique partnership model invites investors to participate in innovative projects.

Innovation Hub: As a nexus for global talent and cutting-edge solutions, NEOM is driving the future economy. Its strategic location enhances its potential as a commercial and logistics hub.

Strategic Location: At the junction of three continents, NEOM’s access and significance in global trade and connectivity are unparalleled.

Advanced Infrastructure: Focused on a human-first and tech-advanced infrastructure, NEOM is setting the stage for the future of living and working environments.

Economic Growth: NEOM aims to boost Saudi Arabia’s economy by reinvesting national spending into local development, creating a circular economic model.

Start Your Saudi Business Journey with Al Taasis

Whether you aim to establish business into Saudi Arabia’s special economic zones or the innovative landscape of NEOM, Al Taasis is here to guide you through each phase and every jurisdiction. Our foundation is a local team of experts based within KSA, supported by a global network offering many services. We have years of accumulated knowledge and experience, equipping us to tackle complex challenges, offer informed advice on the local market, and support your business establishment in KSA. With Al Taasis, you receive comprehensive services and solutions to facilitate a smooth and successful entry into the Saudi market.

Contact us to know more about the prerequisites of your business journey.