NEOM to finalize strategic plans soon, says CEO

Saudi Arabia's megacity NEOM is close to finalizing the project’s strategic plans and various economic sectors, so as to start the implementation phase, the Saudi Press Agency reported, citing CEO Nadhmi Al-Nasr.

"We are ready and work is done around the clock to build a strong momentum for NEOM projects in 2020, which will also be as a testimonial of Saudis’ determination to build a promising future,” Al-Nasr said in a speech on the 89th National Day.

In October 2017, Crown Prince Mohammed bin Salman announced the launch of the entertainment city backed by more than $500 billion over the coming years by the kingdom of Saudi Arabia, the Public Investment Fund, as well as well as local and international investors.

Last January, NEOM Founding Board approved NEOM Bay’s masterplan - the first urban area to be developed in the mega project.