Sunday, April 14, 2019

Public Investment Fund and development of NEOM

The Neom project, the future destination for dreamers and innovators in the world, is a new milestone in its most ambitious journey worldwide, having received the necessary approvals from the official authorities in Saudi Arabia to establish a closed joint stock company under the name of "Neom Company" It is owned by the Public Investment Fund.

This establishment will give Neom the legal and legal capacity to carry out its main tasks: to develop and supervise the Neom area in the north-west of the Kingdom and to make it a new global destination for the implementation of the basic vision of the project. Neom is the land of the future. Leading and crossing boundaries in a real world inspired by imagination.

In order to realize the vision of the project, the company will have the main tasks of creating a unique environment for living and working in the world to attract the minds and talents to create new solutions to the most important challenges facing the future of mankind. Kamel is based on 16 sectors, developing and applying the latest technologies in various sectors such as mobility, energy, water, food and biotechnology to advance the future of mankind.

The company will build new cities and complete infrastructure for the region including a port, a network of airports, industrial zones, arts support centers, innovation centers that support the business sector, and the development of targeted economic sectors.

The project will be supported by more than $ 500 billion from the Public Investment Fund, as well as local and international investors.

The Neom project is designed as an international project aimed at the world with independent goals and meets its objectives with the objectives of the Kingdom's Vision 2030 in its three axes; creating a vibrant community that is at the forefront of the world's most livable cities, a thriving economy and making Saudi Arabia an ambitious homeland and destination for the latest technologies.

Neom will contribute to raising the Kingdom's GDP through two aspects. The first is the direct financial returns that will go to the Public Investment Fund as the owner, and the second is to stop the economic leakage. The project will provide additional opportunities for Saudi investors in sectors that were not previously available, Luxury and advanced centers of therapeutic health reduce spending abroad.

The Neom project is managed by an international team of more than 30 nationalities. Neom is headed by Nazmi Al Nasr, who has previously developed and managed several mega projects such as the giant Sheiba field project built in an isolated area in the heart of the Empty Quarter, Abdullah will be responsible for the development of the 16 sectors of the economy and the elite of executives and experts drawn from all over the world.

Neom CEO Nazmi Al Nasr stated that the role of Neom will be unique and historical. It is responsible for developing a new global destination on a large land area and a future civilization based on sustainability and based on the best of living. A global attraction for investment, knowledge, innovation and technology competes with all capitals of the economy.

Since the launch of the Neom Project during the first edition of the Future Investment Initiative Conference in Riyadh, significant preparatory and planning steps have been completed, including the formation of the Advisory Board and the appointment of its members, the adoption of the first phase of the Neom Strategy, and the adoption of the Strategic Concept of the Neom Bay, Which will be developed in Neom.

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