Saudi Arabia's Neom — the kingdom's $500 billion city of the future — will have millions of residents by 2030, the project’s head of tourism has said.
People are expected to begin arriving in 2024.
Andrew McEvoy told The National he expected two million “Neomians” to call the city their home by within the next decade.
Mr McEvoy made his comments on the sidelines of the Arabian Travel Market, currently being held in Dubai’s World Trade Centre.
Alcohol is definitely not off the table. We need to be competitive, and to do that, we have to match what competing destinations are offering
Andrew McEvoy,
head of tourism, Neom
“From 2024 you will see a lot of movement as our first tourism assets begin to open,” Mr McEvoy said.
“Work is already under way and the tourism projects will start to roll out from then.”
Neom will be home to a number of tourist attractions, including the Trojena mountain destination.
Expected to open in 2026, it will have a ski slope, mountain biking and facilities for watersports. It will also feature an interactive nature reserve.
Neom has been designed as a smart city, which will be powered by clean energy.
It has attracted attention worldwide owing to previously released plans that include flying taxis, classes taught by holographic teachers and an artificial moon, according to The Wall Street Journal.
Mr McEvoy said Neom would be treated as its own state, separate from the rules that govern the rest of Saudi Arabia. This will make it more appealing to people considering relocating there, as well as tourists, he said.
“It’s an appealing destination to a lot of people because it’s a chance to help create a new country almost completely from scratch,” he said.
“It’s fantastic career motivation and there is the backing from the Public Investment Fund to make sure it happens.
“Neom will be treated as a country within a country, with its own economic zone and its own authority. We need to make sure its laws and regulations match the ambitions of those we are trying to attract to work and live here.”
He also said people living there would not be referred as Saudis but would be called by the title “Neomians”.
“We have got about 2,000 Neomians living there already along with about 10,000 construction workers,” Mr McEvoy said.
“A lot of the people coming here to live and work will be experts in the fields of energy, water and health — we’re already attracting a lot of great people.”
Selling alcohol not ruled out
He also refused to rule out the sale of alcohol to try and entice people from other countries to come for work or visits.
“Alcohol is definitely not off the table,” he said.
“We need to be competitive, and to do that, we have to match what competing destinations are offering.”
The project is also on target to be car-free by 2030, he said.
“The city is being built to be completely car-free but I think there will be a slight period of transition,” Mr McEvoy said.
“A lot of the mobility options of the future are out there already, like electric hybrids, and we’re experimenting with things like flying taxis.
“This is about providing the tourism of tomorrow.”
Sustainability is also an important focus for the project. This is being driven by young people who have a more invested role in fighting climate change than previous generations, Mr McEvoy said.
“The most powerful force we have behind this is a new generation of young Saudis who are passionately embracing a new future and see Neom as a beacon of that future.”
UAE currency: the story behind the money in your pockets
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
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The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
McLaren GT specs
Engine: 4-litre twin-turbo V8
Transmission: seven-speed
Power: 620bhp
Torque: 630Nm
Price: Dh875,000
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First-round leaderbaord
-5 C Conners (Can)
-3 B Koepka (US), K Bradley (US), V Hovland (Nor), A Wise (US), S Horsfield (Eng), C Davis (Aus);
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Selected others: -1 P Casey (Eng), R Fowler (US), T Hatton (Eng)
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1 L Westwood (Eng), J Spieth (US)
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The specs: Lamborghini Aventador SVJ
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
