Saudi Arabias Public Investment Fund (PIF) has announced that its founding board has approved the masterplan for Neom Bay, an eco-friendly tourist destination that is being developed within the $500 billion futuristic city of Neom.
According to a report in SPA, construction work is set to start in the first quarter of 2019 following the completion of all preparations, including the greenlighting of the masterplan. It will be Neoms first window to the world, with beaches and a temperate climate, the report added.
A number of key facilities will be completed by the end of the year, including the current airport at Sharma, which will be upgraded to become a commercial airport that operates regular flights between Riyadh and Neom.
It added that Phase One of Neom Bay -the first urban area to be developed in Neom, which will be completed in 2020.
The luxury tourist project will be built in line with Neoms goals of finding solutions to the key challenges facing human society. It will provide an environment focused on improving health and well-being for residents, with next-generation technologies in mobility and intelligent urban ecosystems, with advanced infrastructure, on offer.
“This year will be a milestone in Neom’s journey. We are now preparing for the development of Neom Bay area, which will provide a new concept of urban living that will enable it to become a platform for attracting the world’s top minds for creating advanced economic sectors,” said Nadhmi Al Nasr, CEO of Neom.
“The strategy of developing Neom Bay will rely on four key pillars that will be ingrained in the entire project development, with sustainability at the heart of aspect of the project.
“The first is to provide a living experience and an ideal quality of life for families; the second is to create a high-end lifestyle and a luxurious tourist destination; the third and fourth pillars are to support both innovation and creative centres in order to achieve Neoms economic goals. he added.
Neom Founding Board, chaired by HRH Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Vice President of the Council of Ministers and Chairman of Board of Directors of Public Fund Investment, gave instructions to complete all the required preparations.
