RIYADH: NEOM, the $500-billion future megacity in Saudi Arabia, will be home to some of the world’s tallest buildings, as the country pours hundreds of billions of dollars into the development of non-oil sectors, Bloomberg reported citing people familiar with the matter.
According to the report, NEOM will have twin skyscrapers measuring about 500 meters that stretch horizontally for dozens of miles.
The people, who wished to remain anonymous, revealed that these buildings will be a mix of residential, retail and office space running from the Red Sea coast into the desert.
They added that the new plan is a shift from the initial strategy that aimed to build a string of developments linked by underground hyper-speed rail.
The report further stated that, upon completion, each structure would be larger than the world’s current biggest buildings.
It was on Oct. 24, 2017, that Saudi Arabia announced the NEOM project. Aimed at functioning as a high-profile tourist destination, NEOM is envisioned as a smart city which adopts all advanced technologies.
Recently, Knight Frank’s annual 2022 Saudi Residential survey, carried out in partnership with YouGov found that NEOM is the most preferred location to buy a home by the Kingdom’s homeowners, first-time buyers, and high net worth individuals.