Investors of Saudi Arabia's $500bn Neom may get visa-free travel

Investors of Saudi Arabia's $500bn Neom may get visa-free travel
Saudi Arabia's Neom is worth $500bn.
Published: 31 May 2019 - 12:35 p.m.

Saudi Arabia and the UK have reportedly formed a legal committee to launch a document that will allow investors and workers that are part of the $500bn (SAR1.9tn) Neom gigaproject – driven by the Crown Prince HRH Mohammed Bin Salman-chaired Public Investment Fund to travel without a visa between several countries in the Red Sea, such as Egypt and Jordan.

According to a report in Arabic newspaper Rai Al Youm, holders of the document would also be exempt from a number of laws in the kingdom.

The document is expected to exceed the advantages of a VIP card, and will offers investors, senior officials, and city workers with visas and residency rights.

In April 2018, Neom's chief executive officer, Nadhmi Al-Nasr, confirmed that construction progress was rapidly being made on the gigaproject.

In an Arabic-language statement to state news agency, SPA, Al-Nasr said work was progressing as planned on Neom – one of Saudi Arabia's largest construction projects– and that building work would begin "over the next few months".

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