NEOM Sector

· 3 min read
NEOM Sector is for sale!

What industry is NEOM?
Health, Well-being and Biotechnology: NEOM aims to establish an integrated system for the health, well-being, and biotechnologies sector that transcends the traditional boundaries of health care, based on a unique and direct system centered entirely on the individual.

What does NEOM stands for?
NEOM aims to be the future of livability as its foundation, unprecedented in scope. The name "NEOM" is derived from two words. The first three letters from the Ancient Greek prefix neo-meaning "new". The fourth letter is from the abbreviation of Mostaqbal, an arabic word meaning "future".

There are 16 economic sectors identified to be the key drivers for NEOM’s future economy. As NEOM reaches an advanced stage of development, these sectors are expected to generate an estimated annual income of $100 billion.

Neom is not the solution to human rights violations; instead it is representative of the authoritarian ruling of Saudi Arabia. Despite vague promises of compensation, the tribe was forcefully evicted from its home to make room for Neom and its one million future inhabitants

The development will be spread across 26,500 square kilometres and will comprise several zones, including industrial and logistics areas. It is planned for completion in 2025. The plans include a network of airports, including an international one.

Plans for a new smart city, called The Line, in Neom are part of the 2030 Vision to embrace a new economic era in the kingdom. With plans under way to build Saudi Arabia's smart city Neom, it is set to be a place in the desert unlike anything else on Earth.

The NEOM project aims to achieve exceptional livability, thriving businesses and reinventing conservation, in line with Saudi Vision 2030.

Two joint venture groups will undertake the project, which is separated by lower and upper geographies, with the first contract awarded to FCC Construction SA/China State Construction Engineering Corporation/Shibh Al-Jazira Contracting Company Joint Venture (FCC/CSCEC/SAJCO JV), and the second to Samsung C&T ...

Saudi Arabia will set aside 300 billion riyals ($80 billion) for an investment fund tied to the crown prince's flagship megaproject, Neom, and plans an initial public offering of the project on the kingdom's stock market as soon as 2024.

Saudi Arabia's NEOM Green Hydrogen Company has selected India's Larsen & Toubro as the engineering, procurement and construction (EPC) contractor for solar and wind plants to power the planned $5bn green hydrogen-based ammonia plant at the NEOM development.

The Kingdom of Saudi Arabia (KSA) has been attracting international attention for the momentum of its transformation taking place under the Vision 2030 development plan. In 2017, Prince Mohammed bin Salman first unveiled NEOM, KSA’s flagship business and tourism development. Located on the Red Sea coast, NEOM is a central project in the 2030 Vision outlining the Kingdom’s plans to diversify the economy.

NEOM offers unique opportunities and advantages to leading investors and business owners worldwide. It will enable them to gain direct access to both Saudi and global markets, given its unique geographic location linking three continents.

Deloitte has developed the Foreign Investment Advisory center of excellence (‘FIA’) with a view to assist prospective investors throughout their investment journey in KSA. We provide advice on business structures, licensing, workforce planning, immigration, tax and much more.

Investing in technology

Motamayor explained that Neom plans to lead a Red Sea marine species biotech development program that will serve as an innovation center for the MENA (Middle East/North Africa) region in aquaculture genomic research and development.

To reach this goal, two things are needed: great infrastructure and strong partnerships; and both are well under way, he said. On the infrastructure side, Neom is building RAS indoor tanks, recirculating ponds, offshore and nearshore cages, hatchery and nursery facilities; algae and insect production plants and seafood processing facilities.

“All our infrastructure is designed to reach the highest biosecurity, sustainability and environmental standards, including maintaining a zero-discharge policy,” he said. “Simultaneously, we’re developing strong partnerships with leading biotech companies in the region and worldwide, exploring technologies including pioneering genomic selection.”