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.”
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
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
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UAE'S%20YOUNG%20GUNS
%3Cp%3E1%20Esha%20Oza%2C%20age%2026%2C%2079%20matches%0D%3Cbr%3E%0D%3Cbr%3E2%20Theertha%20Satish%2C%20age%2020%2C%2066%20matches%0D%3Cbr%3E%0D%3Cbr%3E3%20Khushi%20Sharma%2C%20age%2021%2C%2065%20matches%0D%3Cbr%3E%0D%3Cbr%3E4%20Kavisha%20Kumari%2C%20age%2021%2C%2079%20matches%0D%3Cbr%3E%0D%3Cbr%3E5%20Heena%20Hotchandani%2C%20age%2023%2C%2016%20matches%0D%3Cbr%3E%0D%3Cbr%3E6%20Rinitha%20Rajith%2C%20age%2018%2C%2034%20matches%0D%3Cbr%3E%0D%3Cbr%3E7%20Samaira%20Dharnidharka%2C%20age%2017%2C%2053%20matches%0D%3Cbr%3E%0D%3Cbr%3E8%20Vaishnave%20Mahesh%2C%20age%2017%2C%2068%20matches%0D%3Cbr%3E%0D%3Cbr%3E9%20Lavanya%20Keny%2C%20age%2017%2C%2033%20matches%0D%3Cbr%3E%0D%3Cbr%3E10%20Siya%20Gokhale%2C%20age%2018%2C%2033%20matches%0D%3Cbr%3E%0D%3Cbr%3E11%20Indhuja%20Nandakumar%2C%20age%2018%2C%2046%20matches%3C%2Fp%3E%0A
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