AGL 37.99 Decreased By ▼ -0.03 (-0.08%)
AIRLINK 215.53 Increased By ▲ 18.17 (9.21%)
BOP 9.80 Increased By ▲ 0.26 (2.73%)
CNERGY 6.79 Increased By ▲ 0.88 (14.89%)
DCL 9.17 Increased By ▲ 0.35 (3.97%)
DFML 38.96 Increased By ▲ 3.22 (9.01%)
DGKC 100.25 Increased By ▲ 3.39 (3.5%)
FCCL 36.70 Increased By ▲ 1.45 (4.11%)
FFBL 88.94 No Change ▼ 0.00 (0%)
FFL 14.49 Increased By ▲ 1.32 (10.02%)
HUBC 134.13 Increased By ▲ 6.58 (5.16%)
HUMNL 13.63 Increased By ▲ 0.13 (0.96%)
KEL 5.69 Increased By ▲ 0.37 (6.95%)
KOSM 7.32 Increased By ▲ 0.32 (4.57%)
MLCF 45.87 Increased By ▲ 1.17 (2.62%)
NBP 61.28 Decreased By ▼ -0.14 (-0.23%)
OGDC 232.59 Increased By ▲ 17.92 (8.35%)
PAEL 40.73 Increased By ▲ 1.94 (5%)
PIBTL 8.58 Increased By ▲ 0.33 (4%)
PPL 203.34 Increased By ▲ 10.26 (5.31%)
PRL 40.81 Increased By ▲ 2.15 (5.56%)
PTC 28.31 Increased By ▲ 2.51 (9.73%)
SEARL 108.51 Increased By ▲ 4.91 (4.74%)
TELE 8.74 Increased By ▲ 0.44 (5.3%)
TOMCL 35.83 Increased By ▲ 0.83 (2.37%)
TPLP 13.84 Increased By ▲ 0.54 (4.06%)
TREET 24.38 Increased By ▲ 2.22 (10.02%)
TRG 61.15 Increased By ▲ 5.56 (10%)
UNITY 34.84 Increased By ▲ 1.87 (5.67%)
WTL 1.72 Increased By ▲ 0.12 (7.5%)
BR100 12,244 Increased By 517.6 (4.41%)
BR30 38,419 Increased By 2042.6 (5.62%)
KSE100 113,924 Increased By 4411.3 (4.03%)
KSE30 36,044 Increased By 1530.5 (4.43%)

RIYADH: Saudi Arabia on Monday rejected claims that its planned futuristic megacity known as NEOM will have different rules from the rest of the conservative kingdom and function like a “country within a country”.

In an interview published last week by the UAE’s The National newspaper, Andrew McEvoy, head of NEOM’s tourism sector, was quoted as saying that residents of the $500 billion Red Sea project would be known as “Neomians” rather than Saudis and that alcohol – long banned in Saudi Arabia – could potentially be sold there.

“NEOM will be treated as a country within a country, with its own economic zone and its own authority. We need to make sure its laws and regulations match the ambitions of those we are trying to attract to work and live here,” McEvoy said.

The company developing NEOM responded with a statement stressing the site was “absolutely subject to the sovereignty and systems of the Kingdom of Saudi Arabia”, according to a report by the official Saudi Press Agency.

Saudi Arabia posts $15.3 billion budget surplus in Q1 as oil prices surge

NEOM will be “subject to all rules that are applied to any part of the Kingdom of Saudi Arabia in terms of issues related to security, defence and border protection”, the report said.

The report allowed, though, that NEOM “will enjoy some special regulations related to investment”.

NEOM is part of de facto ruler Crown Prince Mohammed bin Salman’s Vision 2030 plan to diversify Saudi Arabia’s oil-dependent economy.

Saudi expects 13 million bpd oil capacity by 2027: minister

It has been billed as a futuristic cityscape evocative of a sci-fi blockbuster – with everything from flying taxis to robot-maids.

It will operate under its own founding law that is still being formulated.

A senior official told AFP last October that NEOM was on track to welcome its first businesses and residents by 2025.

Officials say its population will eventually top one million people.

In his interview with The National, McEvoy said NEOM’s first tourist attractions would open in 2024, and that alcohol was “definitely not off the table”.

“We need to be competitive, and to do that, we have to match what competing destinations are offering,” he said.

Comments

Comments are closed.