Saudi Arabia announced on Tuesday the formation of Global Advisory Board for the NEOM project to build a futuristic city in the northwest of the kingdom.

The board brings together experts in key sectors from the world to provide industrial insight, advise on key milestones and forge strategic connections for NEOM project, the state-run Saudi Press Agency reported.

"We welcome the global and diverse expertise of the Advisory Board and are confident that each of them will make huge contribution to the development of NEOM," Nadhmi Al-Nasr, CEO of NEOM, was quoted as saying.

The advisory board will help shape NEOM's future through its detailed knowledge and connections with potential long-term strategic partners, Al-Nasr said.

The board members are with backgrounds in urban planning, architecture, design, technology, sustainability, energy and manufacturing.

They have previously been involved in the NEOM project at a meeting held in New York in August to review NEOM's strategy and discuss updates on the project.

NEOM is an ambitious 500-billion-U.S. dollar project announced by Saudi Arabia in 2017, which will also extend across the Egyptian and Jordanian borders.

It aims to transform the kingdom into a leading global hub through introducing the most advanced industries and technologies. It also came as part of Saudi Arabia's ongoing efforts to reduce its dependence on oil and diversify its economy.