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.


Saudi envoy receives Libyan ambassador to the UN

Updated 18 January 2020

Saudi envoy receives Libyan ambassador to the UN

NEW YORK: Abdallah Al-Mouallimi, Saudi Arabia’s permanent representative to the UN, held talks in New York with Taher El-Sonni, Libya’s UN ambassador and permanent representative. 

The two sides discussed issues of mutual concern and latest political developments in the region. 

Al-Mouallimi congratulated El-Sonni for his new apppointment and conveyed the Saudi leadership’s best wishes for prosperity, stability and progress to the Libyan people. 

Al-Mouallimi reiterated Saudi Arabia’s rejection of any foreign interference in the Libyan affairs, adding that Riyadh will continue to push all concerned parties to reach a political solution that guarantees the unity of Libya and saves
people’s lives.