Neom, on the west coast of the kingdom north of the Red Sea, is one of the signature giga-projects in Crown Prince Mohammed bin Salman’s drive to diversify Saudi Arabia’s economy away from oil. It will develop 14 key economic sectors for the future from biotech to mobility. Neom's tourism sector is expected to contribute $16bn to the kingdom's gross domestic product by 2030.
Saudi Arabia aims to complete the first section of Neom by 2025. Transforming Saudi Arabia by drawing billions of dollars in new investment as the kingdom attempts to reduce its dependence on oil before its crude reserves run dry.
Saudi Arabia's $500 billion mega-city Neom is planning to open the first of its hotels by the end of 2022 as it targets hosting about one million visitors by 2025 and 5m by 2030, its tourism chief said.
The futuristic city will open up to 15 hotels a year in the period between 2023 and 2025, before ramping up the pace to 20 to 30 hotels annually thereafter, Andrew McEvoy, sector head of tourism at Neom, told The National during the Arabian Travel Market on Tuesday.
"We're now under way, so we're starting to develop our first assets, by the end of next year our first hotels will start to come out of the ground, there's a lot of construction going on," he said. "The first hotels will open by the end of next year."
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