U.S. Aecom Wins Contract to Manage Saudi's Neom Bay: Maaal

(Bloomberg) -- U.S. engineering firm Aecom will manage the development of Neom Bay, part of a $500 billion mega city on Saudi Arabia’s Red Sea coast, the kingdom’s Maaal reported, without saying where it got the information.

The company will provide its vision for the city and consult on infrastructure, Maaal said on Sunday. Aecom didn’t respond to requests for comment from the website.

The kingdom’s sovereign wealth fund, the Public Investment Fund, is spearheading plans to develop Neom, a futuristic city being built from scratch, as part of the government’s plans to cut its reliance on oil and attract foreign investment.

Related: Saudi Arabia Is Said to Seek Funding for Mega Tourism Projects

Critics say some past mega projects such as King Abdullah Financial District and King Abdullah Economic City have struggled to get off the ground or add to the kingdom’s economy.

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