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.


Russian culture festival launched in Riyadh

Tchaikovsky Symphony Orchestra led by conductor Felix Korobov during its concert in Riyadh. (AN photo by Ziyad Alarfaj )
Updated 8 min 50 sec ago

Russian culture festival launched in Riyadh

  • “Russian Culture in Riyadh” will also feature a Russian Cinema Week, beginning Tuesday, screening 10 classic, animated and modern Russian films selected specifically for a Saudi audience

RIYADH: The Moscow-based Tchaikovsky Symphony Orchestra inaugurated the “Russian Culture in Riyadh” festival with a concert featuring opera stars and music conducted by Felix Korobov.
The event was held at the King Fahd Cultural Center on Monday. The Saudi Ministry of Culture, in collaboration with the Russian Direct Investment Fund (RDIF), organized performances, exhibitions and movie screenings to celebrate Russian culture and ties between the two countries.
The Tchaikovsky Symphony Orchestra, established in 1930, was founded as the Moscow Radio Symphony Orchestra and has played all over the world.
Soprano Aida Garifullina and bass Ildar Abdrazakov took to the stage in Riyadh in what was an exciting night for many first-time opera goers, with music from famed composers Mikhail Glinka and Nikolai Rimsky-Korsakov.
The concert began with excerpts from Glinka’s “Ruslan and Lyudmila” and, as the night went on, there were performances of “Tsaritsa of Shemakha” from the opera “The Golden Cockerel” by Rimsky-Korsakov, and “Song of the Varangian Guest” also from the Rimsky-Korsakov-composed opera “Sadko.”
“It was moving, beyond all expectations,” 24 year-old private sector worker Mohammed Al-Dossari told Arab News.  “I heard about the magnificence of Russian opera and the symphony (orchestra) but to have it come to our doorstep is exciting. The music takes you to another place, it’s calming and yet moving at the same time, a heady combination.”
Saudi and Russian guests and dignitaries enjoyed more than an hour of spectacular performances, with people cheering at the end of the show.
The celebration of Russian culture also features the work of Vasily Kandinsky, who is widely acknowledged as one of the fathers of abstract art and whose paintings are exhibited in the world’s top museums and galleries. The artwork is from St. Petersburg’s State Russian Museum.
Another exhibition, “Artificial Intelligence and Intercultural Dialogue,” showcases the works of 14 artists from 10 countries that explore the artistic possibilities of artificial intelligence.
“Russian Culture in Riyadh” will also feature a Russian Cinema Week, beginning Tuesday, screening 10 classic, animated and modern Russian films selected specifically for a Saudi audience.