​ ⁢ The NEOM project, a ⁣cornerstone of Saudi Arabia’s Vision 2030,​ is designed ​as⁣ a multi-generational ⁢undertaking and is not targeting completion​ by 2030, ⁤according ⁣to​ Rayan Fayez, Executive Vice President⁢ of NEOM. Fayez made‌ this statement⁢ during the⁢ Future Investment Initiative (FII) conference held in Riyadh ⁤on October 26, ​2023.
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⁣ ‍ Fayez ‍emphasized a commitment to continuous evaluation ​of project feasibility and budget reviews, ​prioritizing economically successful ⁣ventures. This approach signals a pragmatic shift towards sustainable⁤ development within the ambitious project.
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Infrastructure Investment and Project Progress

‌ Notable investments are⁢ being directed towards regional⁢ infrastructure, including a major airport intended to serve the entire NEOM region. Fayez reported that​ implementation of some NEOM projects has already ‍reached an 80% completion rate.

Scale and Population Goals

‍ NEOM’s scale is immense, covering an area exceeding 26,000 ⁤square kilometers – comparable in size to entire countries. The⁤ project aims to ultimately house a population of​ 9 million ⁢people, representing a strategic goal ⁤for the development of a large-scale,‌ mixed-use urban area.

Fayez highlighted the​ importance of reassessing project components,⁢ identifying those that are no longer delivering sufficient returns,⁣ and focusing resources on initiatives with proven economic viability.

Redefining Sustainable Cities

⁢ ⁤ NEOM aims to redefine ⁢the concept of sustainable cities,integrating innovative technologies and environmentally conscious design principles. ⁣The‌ project’s long-term vision‌ prioritizes economic sustainability alongside environmental considerations.