A rendering of Sindalah, the island resort that's part of Saudi Arabia's Neom project.NEOMSaudi Arabia plans to open the first part of its Neom megaproject this year.Sindalah, an island resort, is aimed at a luxury clientele and the global yachting community.Saudi Arabia is pushing to distinguish itself in the high-end luxury market to compete with Dubai.Saudi Arabia plans to open the first region of its Neom megacity by the end of the year.The island of Sindalah will provide the first physical glimpse into the ambitious desert project, which has reportedly been scaled back from its initial plans due to financial struggles.Developers say they want the island to be an "exclusive gateway to the stunning Red Sea," adding that they planned to cater to luxury clientele and the global yachting community.Neom recently ended investor roadshows in China by confirming the luxury island resort would open this year, Arab News reported.