NEOM is a planned cross-border city in the Tabuk Province of northwestern Saudi Arabia. It is planned to incorporate smart city technologies and also function as a tourist destination. The site is near the Red Sea and the borders that Saudi Arabia shares with Egypt and Jordan. It will cover a total area of 26,500 km2 (10,200 sq mi) and will extend 460 km along the coast of the Red Sea.
Saudi Arabia aims to complete the first section of NEOM by 2025. The project has an estimated cost of $500 billion. Saudi Arabia aims to raise $300 billion through an IPO of state-owned oil company Saudi Aramco. This IPO was initially planned for the second half of 2018, but Saudi Crown Prince Mohammed bin Salman stated in October 2018 that the IPO will be delayed until "late 2020, early 2021." The offering might, however, be in early 2020. On January 29, 2019, Saudi Arabia has announced setting up a closed joint-stock company named NEOM with $500 billion. The aim of this company that wholly owned by the Public Investment Fund, the sovereign wealth fund, is to develop the economic zone of NEOM. The project is planned to be totally powered by renewable energy sources. Nadhmi Al-Nasr is the CEO of NEOM Joint-stock company.