NEOM investment zone to have many ports in Egypt: Saudi Prince

CAIRO – 26 October 2017: Saudi Prince Mohammed bin Salman stated Wednesday that NEOM which is an economic zone overlooking the Red Sea will have many ports, “some of them in Saudi Arabia and some of them in Egypt.”

The Kingdom holds talks with some of the world’s biggest companies to develop technologies that will power life in the $500 billion project, he said in an interview with Bloomberg News.

The project is the safest, most efficient and most future-oriented of all projects as it will free Saudi Arabia from its independence on oil exports and will be independent of Saudi Arabian regulation; adopting a "separate regulatory framework."

It is the first private zone to span Egypt, Saudi Arabia and Jordan to be funded by the Saudi Arabian Public Investment Fund, as well as local and international investors.

NEOM overlooks the Red Sea, one of the world’s most prominent economic arteries, through which nearly one tenth of the world’s trade flows; facilitating NEOM's rapid emergence as a global hub that has potential to bring together the best of Asia, Africa, Europe and America.

Its land expands over 26,500 square kilometers connecting Asia, Europe, and Africa; enabling 70 percent of the world’s population to reach it in under eight hours, which brings the potential to combine the best major global regions in terms of knowledge, technology, research, teaching, learning, living and working. Thus, the project will add to the zone’s economic significance.

NEOM enjoys an uninterrupted coastline stretching over 468 kilometers with a dramatic mountain backdrop rising to 2,500 meters to the east. Wind and solar energies in its region will allow NEOM to be powered solely by sources of renewable energy.

The zone focuses on nine specialized investment sectors driving the future of human civilization including energy, water, mobility, food, technological and digital science, advanced manufacturing, media, and entertainment. These sectors stimulate economic growth and diversification by nurturing international innovation and manufacturing; as a result, it will drive local industries, create job opportunities, and enhance GDP growth in the Kingdom, according to the official Saudi Press Agency.

The zone is prepared to be the most efficient destination in the world by creating a new way of life with excellent economic prospects, depending mainly on technology to grow and process food, provide healthcare, wireless high speed internet, free world-class continuous online education, and full scale e-governance; putting the city at the fingertips of its residents, and a code that makes net-zero carbon houses the standard, added bin Salman.

NEOM is established to attract new foreign direct investment, contributing in the long-term to Saudi Arabia’s growth strategy. Investors, businessmen and innovators will be consulted in every step on the way to create the best economic framework, design urban plans, and attract top quality talents that will drive the growth of this zone and its residents.

A new concept for the workforce will be implemented, based on attracting high-caliber human resources with unique competencies for full-time innovation, decision-making and business leadership.

Repetitive and arduous tasks will be fully automated and handled by robots, which may exceed the population, likely making NEOM's GDP per capita the highest in the world. All these elements will put NEOM at the world’s forefront in terms of efficiency, which will make it the best city in the world to live in, Al-Arabiya mentioned.