Riyadh – Mubasher: Saudi Arabia on Tuesday announced establishing “NEOM Company”, which will be a wholly-owned subsidiary of the state-owned Public Investment Fund (PIF).
Set to be a closed joint-stock firm, the newly launched entity will be responsible for developing and managing the megaproject to build a smart and tourist cross-border city, according to the Saudi Press Agency (SPA).
The Saudi sovereign investor’s unit will also work on attracting large investments to NEOM through making investments in 16 sectors, chief among them are the transportation, energy, water, food, and biotech fields.
NEOM Company also will build new cities and infrastructure projects that include ports, airport network, industrial zones, innovation centres for supporting the cultural and business sectors.
NEOM’s management team includes more than 30 nationalities, while Nadhmi Al-Nasr will be the CEO.
“The new entity will have a unique and historical role to play as it will be responsible for developing a new global destination from scratch on a huge area, and a futuristic civilisation that is based on sustainability and livability,” Al-Nasr said.
In October 2017, Saudi Crown Prince Mohammed bin Salman announced a plan to establish $500 billion city in the northwest of the kingdom dubbed NEOM.
NEOM is part of the crown prince’s “Vision 2030” reform plan, intended to diversify the kingdom’s economy and invest more heavily in infrastructure.
