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King Salman Airport Saudi Arabia

April 4, 2023April 4, 2023

Saudi Arabia’s King Salman International Airport is expected to become one of the largest in the world featuring six parallel runways. Currently, the world’s largest airport by area is King Fahd International, which is also located in Saudi Arabia.

The King Salman International Airport, announced by the Crown Prince Mohammed bin Salman bin Abdulaziz, Prime Minister and Chairman of the Council of Economic and Development Affairs, Chairman of the Public Investment Fund (PIF) is expected to cover an area of approximately 57km square, featuring six parallel runways and the existing terminals named after King Khalid.

The airport will also include 12km square of airport support facilities, residential and recreational facilities, retail outlets, and other logistics real estate. By 2030, the airport aims to accommodate up to 120 million travellers and 185 million travellers, with the capacity to process 3.5 million tons of cargo by 2050.

The airport project is in line with Saudi Arabia’s vision to transform Riyadh to be among the top ten city economies in the world and to support the growth of Riyadh’s population to 15 to 20 million people by 2030, PIF said in a statement.

“It will become an aerotropolis centred around a seamless customer journey, world-class efficient operations, and innovation. Riyadh’s identity and the Saudi culture will be taken into consideration in the airport’s design to ensure a unique travel experience for visitors and transit travellers,” PIF said.

The airport design will reflect Riyadh’s identity and the Saudi culture to ensure a unique travel experience for visitors and transit travellers. The new airport will be powered by renewable energy.

The King Salman International Airport is expected to contribute 27 billion Saudi riyals annually to non-oil GDP and to create 103,000 direct and indirect jobs, in line with Vision 2030 objectives, the statement added.

King Salman International Airport

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The Mukaab Riyadh Saudi Arabia

March 16, 2023

The Mukaab, unveiled by Saudi Arabia’s Crown Prince, a 400 metre-high, wide and long indoor super-city in the centre of Riyadh. Large enough to hold 20 Empire State Buildings, there are hopes the PIF-backed giga-project becomes a new global icon of technology, sustainability, mobility and Saudi innovation.

The Mukaab

The Mukaab sits in the centre of the wider New Murabba Development, created by His Royal Highness Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister and Chairman of the New Murabba Development Company (NMDC) to bring the project to fruition.

Going through the centre of The Mukaab will be a spiral base, comprising “premimum hospitality units”, retail spaces and tourist attractions. There will also be more than 80 entertainment and culture venues, a museum, a tech and design university and a theatre.

Elsewhere inside, the Mukaab will also feature some kind of holographic experience that will reportedly be used to depict underwater and strange otherworldly scenes. It’s all very ambitious and futuristic.

The Riyadh giga-project is set to open in 2030.

The project will be situated at the intersection of King Salman and King Khalid roads to the North West of Riyadh, over an area of 19 square kilometres, to accommodate hundreds of thousands of residents. The project will offer more than 25 million sq m of floor area, featuring more than 104,000 residential units, 9,000 hotel rooms, and more than 980,000 sq m of retail space, as well as 1.4 million sq m of office space, 620,000 sq m of leisure assets, and 1.8 million sq m of space dedicated to community facilities.

It is expected the project will create 334,000 jobs direct and indirect and add SAR180bn (US$47.98bn) to national GDP.

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NEOM Headquarters move to Northwest of the Kingdom

October 21, 2020

Sunday officially marked the operating from its new NEOM headquarters at the project site in the northwest of the Kingdom after it received relocation approval from its Board of Directors.

The move represents an exciting new phase in NEOM’s development that will accelerate the pace of growth and the level of foundation construction work.

More than 450 employees are now based at the company’s new headquarters 170 km from Tabuk, with the number expected to increase to 700 by the end of this year.

NEOM Headquarters

NEOM CEO Nadhmi Al Nasr said: “The relocation of our headquarters to NEOM is an important milestone in our journey and will act as a springboard for growth.

“A project of this magnitude needs an extraordinary team on the ground to deliver our vision to build a New Future at NEOM, which aims to be a leading global destination for exceptional livability and thriving businesses.”

The company will maintain an office in Riyadh to run the company’s business, collaborate with project partners — such as government agencies and private companies — and keep communication channels open with investors.

The move to NEOM comes as progress onsite continues to pick up speed. Since last year, NEOM has reached a number of key milestones, including the opening of NEOM Bay Airport and awarding several construction contracts for projects such as a logistics park and accommodation for 30,000 construction workers.

A number of major announcements have also been made, including an agreement with Air Products and ACWA Power to build world-scale green hydrogen-based ammonia production facility powered by renewable energy, valued at more than SR18 billion, as well as two multi-billion riyal contracts for AECOM and Bechtel to develop an advanced transport infrastructure.

NEOM continues to attract the world’s greatest minds to the Kingdom to create a prosperous and sustainable economy in line with Saudi Vision 2030 and its objectives for economic diversification.

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NEOM Location by the Red Sea in Saudi Arabia

August 30, 2018August 17, 2020

NEOM LOCATION – The NEOM project is located in the northwest of the Kingdom and includes land within the Egyptian and Jordanian borders, extended along with Aqaba Gulf and 468 km of coastline with beaches and coral reefs, as well as mountains up to 2,500 m high will provide many development opportunities with a total area of around 26,500 km².

Initial ground-breaking will be in the last quarter of 2019, with phase one completed in 2025, according to a tour of the city given to delegates attending the Future Investment Initiative in Riyadh.

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Aradhana Khowala appointed NEOM’s Tourism Director

August 30, 2018August 30, 2018

On Wednesday 29th August 2018, NEOM have appointed Aradhana Khowala as their managing director of tourism.

NEOM Project, a $500 billion mega-city, is a key part of the Kingdom’s strategic vision to diversify the economy.

Khowala, who was CEO & founder of Aptamind, is considered a world expert in the tourism and hospitality industry, and was awarded the 21st Century Icon Awards in association with CNBC and London School of Economics as an inspirational game changer and tourism leader.

The Red Sea project and NEOM are set to enhance Saudi Arabia’s position on the touristic map of the world. At the end of July, Saudi Arabia’s King Salman holidayed at NEOM to enjoy some rest and recreation, according to state media.

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Around 40 cinemas in 15 cities in Saudi Arabia…

April 26, 2018August 30, 2018

The Saudi Ministry of Culture and Information has signed an agreement with AMC to open around 40 cinemas in 15 cities in Saudi Arabia over the next five years.

Saudi Arabia, with a population of 32 million, mostly under the age of 30, is expected to be the region’s largest market for movie theaters. Last December, the Ministry of Culture and Information announced that commercial cinemas would be allowed to operate in the Kingdom starting from 2018, for the first time in more than 35 years. Some 350 cinemas with more than 2,500 screens will be opened by 2030.

Dr. Awad bin Saleh Al-Awad, Minister of Culture and Information, said that granting the first license provides important investment opportunities for the cinema industry. He pointed out that the Saudi market is large and most of the population is under the age of 30, so they are eager to watch their favorite films in their country. He added that the goal of the Kingdom’s Vision 2030 is to improve the quality of life by providing additional leisure opportunities. He pointed out that the opening of cinemas will help support the local economy and contribute to the creation of new jobs. The cinemas will not require men and women to sit separately, a source revealed.

Vision 2030 has set a target of raising Saudi Arabia’s annual spending on cultural and recreational activities from 2.9% of total Saudi household spending to 6% by 2030. The move to allow movie theaters to open up a local market with annual ticket sales of up to $1bn is what makes other leading movie chains keen to enter as the largest market in the Gulf region.

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50 Islands Red Sea Luxury Resort in Saudi Arabia

February 20, 2018August 30, 2018

Saudi Arabia has launched a massive tourism development project that will turn 50 islands and other sites on the Red Sea into luxury resorts.

It hopes to attract both foreign tourists and domestic visitors as part of efforts to diversify the Saudi economy, as oil prices have fallen.

Visa restrictions on foreigners are to be eased in the tourist zone.

However, it is not clear whether dress codes and other restrictions in the conservative kingdom will be relaxed.

Alcohol, cinemas and theatres are prohibited in Saudi Arabia.

Women must wear loose-fitting, full-length robes known as “abayas” in public, as well as a headscarf if they are Muslim. They are not allowed to drive and often require a male guardian’s permission to study or travel abroad.

Construction of the new resorts is due to start in 2019. The first phase will include developing a new airport as well as luxury hotels and housing, and is expected to be complete in 2022.

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NEOM Real Estate & Property in Saudi Arabia

December 13, 2017December 13, 2017

NEOM Real Estate – the next big property boom?

Saudi Arabia’s drive towards indepence from oil by 2030 is rapidly taking shape with economical and social reforms. None more so than the $500 Billion Dollar Mega City project NEOM. Set to be the jewel of the Middle East for its innovation in how future civilisations will evolve and be nutured, NEOM plans to implement the very latest technologies and scientific research the world has ever seen.

With the development of NEOM comes huge Property and Real Estate opportunities on a scale never witnessed before. Commercial and Resdiential properties will see rapid growth both in development and value.

NEOM-Property.com remains at the forefront of Saudi Arabia’s property NEOM project as the source for these early opportunities in this dynamic real estate market.

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Siemens eyes role in development of Saudi Arabia’s $500b…

November 7, 2017August 30, 2018

NEOM MEGA-CITY: Siemens, is in talks with Kingdom of Saudi Arabia for a role in the development of Neom, the $500b special economic zone announced by the kingdom last month.

Siemens has a long established relation with Saudi Arabia and it is getting prepared to help Opec’s biggest oil producer achieve its economic diversification goals.

Neom is part of the Vision 2030 goals and cooperation between the kingdom and Siemens on how to assist and help the kingdom in achieving their goal.

Saudi Arabia, which is heavily dependent on sale of hydrocarbons for revenues, is pursuing a fiscal and economic reform agenda under the overarching Vision 2030 programme and aims to open up the biggest Arab economy to foreign investment. Crown Prince Mohammed Bin Salman, senior ministers and government officials hosted the who’s who of the global financial and business elite for three days in Riyadh last month and launched Neom Mega-city, on day one of the Future Investment Initiative.

The metropolis overlooking the the Red Sea to the south and the Gulf of Aqaba to the west, will be backed by more than $500bn from the kingdom’s coffers, investments by its sovereign wealth fund Public Investment Fund (PIF), and local as well as international investors. Saudi Arabia is set to bring a major global fund with access to a worldwide network of investors and major companies on board to drive the success of Neom.

Spanning 26,500 square kilometres, Neom’s land mass will extend into Egypt and Jordan, making it the first private zone to cover three countries. It will focus on nine specialised investment sectors including energy and water, mobility, biotechnology, food, technological and digital sciences, advanced manufacturing, media and entertainment.

Prince Mohammed dubbed Neom Mega-City a “place for dreamers”, a project that will be built with the newest technologies.

Siemens has the ability to provide Neom with solutions for affordable, reliable and sustainable power; efficient network of transportation; security and safety; water and waste water management and sustainable efficient buildings.

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International Monetary Fund endorses Saudi Arabian plan to build…

November 2, 2017August 30, 2018

The International Monetary Fund has endorsed an ambitious Saudi Arabian plan to build a $500-billion business and industrial zone extending into Jordan and Egypt, saying the project could benefit the whole region.

The plan to develop the zone, known as NEOM, could stimulate trade and allow the Middle East to capitalize on its location as a bridge between Asia and Europe.

The NEOM scheme, unveiled by Saudi Crown Prince Mohammed bin Salman at an international conference in Riyadh last week, would develop industries such as energy and water, biotechnology, food, advanced manufacturing and entertainment in a 26,500-sq-km (10,230-sq-mile) zone with its own laws and judicial system.

Riyadh has indicated that much of the huge cost of the zone will be borne by the Saudi government, but a large, though undisclosed, portion would come from domestic and international private investors.

Governments in the region are starting to look outwards again after having spent the past five or six years focused on coping with political instability and a plunge in oil prices.

An IMF (International Monetary Fund) study published on Tuesday suggested the Middle East and North African region could add 1 percentage point to its average economic growth over five years by participating more actively in international trade and removing barriers to cross-border commerce.

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The Mukaab

NEOM Headquarters

NEOM Real Estate – the next big property boom?

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