Saudi Arabia Awards First Contracts for the Smart City, Neom

The Saudi Arabian government has awarded its first contracts for the $500 billion smart city, Neom, endowing local construction companies to build five palaces for the King, Crown Prince and other Senior Members of the Royal Family.

Neom will not only shape the Kingdom into a model of excellence for the region, but also around the world, contributing to the Kingdom’s Vision 2030 plan by helping it achieve three pillars: promoting a vibrant society, a thriving economy and an ambitious nation.

Neom will have its own taxes, labor laws and legal system, which will attract a multitude of foreign investors.

The Construction of Neom

Banks are already offering financial facilities to the construction companies building the palaces. And some companies, including Japan’s Softbank, are showing great interest in Neom.

The government announced that the first phase of Neom will be completed in a short period of seven years.

Read more at Arab Business.