Saudi Arabia announces creation of Neom Company

The closed joint-stock NEOM Company will be fully owned by the Public Investment Fund and develop NEOM, the planned $500 billion mega-city. (Supplied: NEOM)
Updated 05 February 2019

Saudi Arabia announces creation of Neom Company

  • The new company will be entirely owned by the Public Investment Fund
  • Purpose will be to oversee the creation of the $500 billion mega-city

DUBAI: Saudi Arabia has established a company to develop NEOM, the planned $500 billion mega-city set to be built in the northwest of the Kingdom, it was announced on Tuesday.

The closed joint-stock NEOM Company will be fully owned by the Public Investment Fund, the sovereign wealth fund of Saudi Arabia.

It will develop the vast NEOM project, which will include multiple cities, airports, a seaport, tourist areas, industrial complexes and “innovation centers.”

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The change in the legal status of NEOM will also allow it to pursue ventures in 16 key economic sectors, including energy, water, tourism, media and health.

Nadhmi Al-Nasr will serve as the CEO of NEOM, according to the statement. 

“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 civilization that is based on sustainability and livability,” he said.

“All this aims to turn NEOM into a global center for attracting investment, knowledge, innovation and technology in order to compete with all economic capital cities.”

The NEOM project — which was announced by Crown Prince Mohammed bin Salman in 2017 — is expected to create thousands of jobs.

Saudi Arabia announced on Jan. 16 that it was to start developing the first urban area of the project.

Chaired by the crown prince, the founding board approved the masterplan concept for NEOM Bay, which will include homes, lifestyle and tourist facilities, and “innovation centers.”

It is expected to focus on luxurious living, and will include high-end hotels and villas.


Arab coalition intercept drone targeting Khamis Mushayt

Updated 25 August 2019

Arab coalition intercept drone targeting Khamis Mushayt

  • The drone was fired from Sana'a and was targeting Khamis Mushayt
  • This is the latest in a spate of drone attacks launched by the Houthis against Saudi Arabia

DUBAI: The Arab coalition intercepted a Houthi drone targeting the Saudi city of Khamis Mushayt on Sunday, state news agency SPA reported.

It was the latest in a spate of attacks launched by the Iranian-backed militia, and just hours after the Houthis had targeted the same southwestern Saudi city in a matter of hours.

The Sunday morning attack was launched from the Yemeni city of Sana’a.

There were also 10 drones that hit the Saudi Shaybah natural gas liquefaction plant near the UAE border earlier in August.

Arab coalition spokesman Col. Turki Al-Maliki later told media that all attempts by the militia to attack Saudi Arabia would be thwarted.

And he said that the continued targeting of civilian areas including airports was in direct violation of international law.