As the world continues to become rapidly urbanized and globalized, the world population is also growing in an equal measure. It is estimated that by 2050 the population living in urban areas will have doubled to 6.5 billion people. Megacities spanning modern development plans, parks, industries, subways, and schools are becoming the answer to the problem of a rapidly growing urban population. Saudi Arabia’s $500 billion NEOM project is an example of the world’s major megacities that is billed to encompass every aspect of modern life. The project is expected to feature modern homes, world-class tourist and lifestyle facilities, and industrial and innovation centers.
The construction of the project is slated to begin in early 2019 and be completed in 2020. Saudi Arabia has set aside more than $ 500 billion to kick start the project and it expects local and international investors to push the project further. The main idea behind the project is to have a city that encompasses global model in various spheres by having modern and advanced industries that capitalize on advanced technology including use of robots and clean wind and solar energy.
The area that is earmarked for the project provides an exquisite prospect for tourism. The project is situated on 26,500 sq km area marine land in the north-west of Saudi Arabia and will extend 460 Km along the coast of the Red Sea. The location of the project combines the excellent view of the red sea, beautiful beaches and islands and unspoiled natural beauty that will serve as an important incentive and a major tourist destination in the globe.
The project is also envisioned to be home luxurious and high-end hotels and villas earmarked for regional and international buyers. By encompassing the concept of modern urban living, the city is poised to attract global top minds for creating modern and advanced economic and social sectors. The luxurious and exquisite nature of the city will serve as an economic impetus by combining tourism and industrial investment. NEOM will become a place for dreamers who want to do something unique in the world.
Job Creation and Economic Growth
The megacity is expected to contribute more than $ 100 billion in per capita GDP by 2030 making it one of the few cities to reach that milestone globally. Its diverse and modern nature will help to nurture international innovation and manufacturing leading to industrial development, job creation and expansion of the national GDP.
In a nutshell, NEOM project presents a glimpse of what a modern city should encompass. If implemented properly, the city will become not only one of the best tourist destinations in the globe but also a global commercial and industrial hub. This offers promising business opportunities to those who would want to invest there. Regardless of your physical location, Pangea Worldwide can help you with corporate immigration and business setup services in all regions in Saudi Arabia. Just contact us for details. We have all the right tools to provide you with immigration solutions and our service standards are always proven to be top notch in Saudi Arabia Business Support Services Sector.