The government of the Kingdom of Saudi Arabia has started to choose the contractors for building the royal palaces in Neom City, the mega $500bn project that is being developed in the city of Tabuk in the Northwest corner of the Kingdom.
The palaces in Neom City will be overlooking the Red Sea coast about 150 kilometers west of the city of Tabuk. The anonymous source declined to make any further comments as there is no official announcement made yet.
The Neom City project, which was announced last October by Crown Prince Mohammed bin Salman, is planned to span more than 26,500 square kilometers to be a transnational economic zone that includes lands in Jordon, Egypt and the Kingdom of Saudi Arabia.
The city comes as an integral part of the Saudi Arabian Vision 2030, a 15-year-long strategy which aims at developing the non-petroleum sectors of the Kingdom’s economy to help it in moving on to the post-oil era. One of the mega city’s most striking features is its independence from the governmental body of the governmental body of the Kingdom of Saudi Arabia, meaning it will have its own regulations and tax laws.
The Neom City project is planned to be finished by the year 2025.