Saudi Arabia has pumped a further $3.75 billion into the Red Sea Development Co, which aims to work with local and national investors to provide entertainment facilities at Neom.
The money will, in part, go towards employing 70,000 people.
John Pagano, the chief executive of the project, has said that discussions are already under way with potential investors.
He said: “This investment will make the Red Sea project the largest global tourist destination, whose facilities are fully operated using renewable energy, around the clock, therefore we will establish the largest battery storage facility in the world with a capacity of 1,000 megawatts per hour.”
He also said that he expects guests to start arriving in 2022. According to Pagano, they will be able to enjoy 16 hotels by 2023 (an increase of two on previous claims). This will amount to 3,000 rooms across five islands and two inland resorts.
He added that by 2030 there will be 50 hotels in total, offering 8,000 hotel rooms. Some 13,000 residential properties will be on offer, spanning across 22 islands and six inland locations.
However, these are so far only words. Saudi Arabia and Neom have often made claims about the exciting levels of investment in the project, yet have so far little to show for it.
Many potential investors are staying away from Neom, fearing association with a state famous for its human rights abuses and exercising caution amid coronavirus-related funding issues and the falling price of oil. Other Saudi projects have been scaled back or put on hold as a result of these issues.
However, Neom is still hoping that tourists will still wish to visit Neom, which is due for completion in 2030.
So far, little has been accomplished at Neom, other than royal facilities and an airport. It has mostly been in the news due to its role as a venue for meetings with Israeli leader Benjamin Netanyahu, where crown prince Mohammed bin Salman discussed pushing for normalisation between Israel and various regional states.
