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Saudi Arabia starts paying NEOM compensations

Gulf News 2020-05-23 14:50:24

Abu Dhabi: The Saudi Programme for Social Development in the Regions (Tanmiah) has begun disbursing financial compensations to owners of real estate properties located within the first stage of NEOM, Saui Arabia’s $500 billion futuristic mega-city.

The move follows Tanmiah’s announcement in April on the completion of the listing work. All field work has been implemented in a record time.

The programme said that it is keen on paying compensations to the beneficiaries as soon as possible.

During the field works, the programme followed all instructions and precautionary measures issued by the Ministry of Health with regard to coronavirus in order to safeguard health and safety of the citizens and workers involved in the programme.

The programme affirmed the keenness of the government to provide additional financial aid to the people of the centres within the first phase.

It added that a set of social and economic packages, will be announced later, which will contribute to improving the living standard of the beneficiaries in accordance with development plans and in coordination with the relevant government entities.

Saudi Arabia is building a futuristic mega-city 33 times the size of New York City called Neom deep in a desert bordering the Red Sea.

The Kingdom has pledged at least $500 billion to make it happen, and is soliciting further investment.

The city’s blueprints detail wild plans for artificial rain, a fake moon, robotic maids, and holographic teachers.

Phase one of the project, a planned 16-borough city on the Red Sea coast in the northwestern Saudi province of Tabuk, was initially due for completion in 2020, with the final brick laid in 2025.

Saudi officials describe it as “the world’s most ambitious project.”

Neom is a portmanteau of the Greek word neos, meaning “new,” and mustaqbal, the Arabic word for “future.”

It will cover 10,230 square miles, and cost Saudi Arabia’s Public Investment Fund at least $500 billion — plus millions in foreign investment.

Neom is part of Vision 2030: an ambitious plan to revolutionise Saudi society, reduce dependence on oil, and make the country a technology hub.