NEOM: DESTINATION FOR THE FUTURE
USD 500 BILLION SAUDI PROJECT TO BE POWERED SOLELY WITH WIND POWER AND SOLAR ENERGY
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and labor laws and an "autonomous judicial system." The initiative emerged from Saudi Vision 2030, a plan that seeks to reduce Saudi Arabia's dependence on oil, diversify its economy, and develop public service sectors. Benefits NEOM – an amalgamation of the word ‘neo’ (Greek for ‘new’) and the first letter of the word ‘mustaqbal’ (Arabic for ‘future’) – is born from the ambition of Saudi Arabia’s Vision 2030 to see the country develop into a pioneering and thriving model of excellence in various and important areas of life. NEOM
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Imagine a city that offers its inhabitants “an idyllic lifestyle paired with excellent economic opportunities that surpass that of any other metropolis. It will attract Saudi Arabians and expatriates, as do all other global societies.” That is how Saudi Arabia’s Public Investment Fund (PIF) describes the NEOM project announced in October 2017. The announcement was made by PIF Chairman Crown Prince Mohammad bin Salman at the Future Investment Initiative conference in Riyadh. He said that NEOM will operate independently from the “existing governmental framework” with its own tax
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