• Tue. Sep 26th, 2023

    NEOM Real Estate Projects Approved in Saudi Arabia

    ByNuala Hafner

    Sep 19, 2023
    NEOM Real Estate Projects Approved in Saudi Arabia

    During Tuesday’s cabinet session in NEOM, chaired by King Salman, a system for selling and leasing real estate projects off-plan was approved in Saudi Arabia. This move aims to attract local and international investors to develop the NEOM city project. NEOM, a futuristic city located in the northwest region of Saudi Arabia, is envisioned to be a hub for innovation, economic growth, and sustainable living.

    In addition to the approval of the NEOM real estate projects, the cabinet also discussed and praised the Kingdom’s efforts in providing assistance to those affected by recent flooding in Libya. Saudi Arabia has been actively providing food packages and constructing shelters to support the affected communities.

    The cabinet members also acknowledged Saudi Arabia’s positive credit rating from global financial institutions, highlighting the Kingdom’s economic diversification program. Standard & Poor’s recently rated the Kingdom at A/A-1 with a stable outlook, reflecting the confidence in Saudi Arabia’s economic stability and growth potential.

    Furthermore, the outcomes of the G77 + China summit, held in Cuba over the weekend, were discussed. Saudi Arabia’s Foreign Minister, Prince Faisal bin Farhan, attended the summit on behalf of King Salman. The council reviewed and evaluated the outcomes of the summit, which focused on promoting cooperation among developing countries and addressing global challenges.

    Another significant development discussed during the cabinet session was the establishment of a council of Arab cybersecurity ministers under the governance of the Arab League. This council will have a general secretariat and executive office based in Riyadh, reflecting Saudi Arabia’s commitment to enhancing cybersecurity in the region.

    Overall, the cabinet session highlighted the progress and initiatives undertaken by Saudi Arabia in various domains, including real estate, humanitarian assistance, economic diversification, international cooperation, and cybersecurity.

    Definitions:
    1. NEOM: A futuristic city project located in the northwest region of Saudi Arabia.
    2. Economic diversification program: A strategic initiative aimed at reducing dependence on a single economic sector by developing and expanding other sectors to achieve sustainable economic growth.

    Sources:
    – Saudi Press Agency (No URL provided)