The kingdom will become the first nation in western Asia to host the games, at which more than 32 countries are expected to participate.
“With the unlimited support by the Saudi leadership & HRH Crown Prince to the sport sector, we are proud to announce we have won the bid to host AWG TROJENA2029 as the first country in west Asia,” Saudi Sports Minister Prince Abdulaziz bin Turki said on Twitter.
Saudi Arabia submitted a letter of interest to the Olympic Council of Asia in August and a decision was reached this week by the Olympic Council, which held its executive board and general assembly meetings in Cambodia on Monday and Tuesday.
The games will be hosted at Neom's Trojena development, which is set to be completed in 2026.
Trojena will offer outdoor skiing amenities, a man-made freshwater lake and a nature reserve, according to the project's website.
The development, a new global destination for mountain tourism, was announced by Saudi Crown Prince Mohammed bin Salman in March.
Trojena is intended to act as a catalyst for economic growth and diversification, in line with the kingdom's goals under the Saudi Vision 2030 economic framework.
It is expected to create more than 10,000 jobs and add 3 billion Saudi riyals ($800 million) to the kingdom’s economy by 2030.