NEOM to develop 16 economic sectors with a future target of generating $100 billion of income per annum 2 Riyadh

Nadhmi Al-Nasr, Chief Executive Officer of NEOM, said that preparations are ongoing and progressing significantly to start the construction work at NEOM Bay. He noted that the pace of project development is moving greater than expected.

The CEO also stated in a public address during the FII that NEOM focuses on human and technological advancement to create a unique sustainable environment for humanity, all within the objectives of Saudi Arabia's Vision 2030.

Moreover, Al-Nasr, in his speech during FII this year which marked NEOM's first anniversary, added: We are working hard to ensure that the newly created towns and cities in NEOM will create new ways of living, economy, trade, innovation that at the end will make NEOM an ideal environment for all of its future residents."

Moving to the challenges facing the project, the CEO added: We are aware of the challenges we face in developing a mega project such as NEOM as it will be the largest international special zone in the world in terms of size and scale of investments. However, our capabilities backed with strong political, financial and logistical support will enable us to achieve what we plan for, especially that we are dealing with a greenfield project in an untouched land.

One of the key factors for ensuring the success of NEOM is the political and financial backing of the Kingdom of Saudi Arabia to the project. The project is backed with more than $500 billion that will be provided by the Saudi Arabian government, the Public Investment Fund of Saudi Arabia, as well as local and international investors.

About NEOM

NEOM is a new destination being created in the Northwest of Saudi Arabia. NEOM was announced to the public on October 24, 2017, by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Vice President of the Council of Ministers, Minister of Defense and Chairman of the Public Investment Fund (PIF). NEOM aims to be the future of livability as its foundation and is unprecedented in scope and unconstrained by history.

NEOM will be built with principles of livability and innovation at its core. Industry will focus on the following future key pillars: energy and water, mobility, biotech, food, advanced manufacturing, media, entertainment, technological and digital sciences, tourism and sports. Technology, such as an automated civil service, will underpin daily life and create new opportunities for people living and working in NEOM.

Based along the Red Sea, at the intersection of Asia, Europe and Africa and along one of the world's busiest economic arteries, NEOM is strategically placed at the crossroads of the world. It encompasses 26,500 km2 of land, ranging from scenic coastline to desert to snow-capped mountains. NEOM is just an 8-hour flight from 70% of the globe's population.

NEOM forms part of the Saudi Giga-Projects Investment Pool for the Public Investment Fund (PIF) of Saudi Arabia. The Giga-projects are integrated economic ecosystems that will support the economic transformation of the Kingdom and act as a catalyst for investment across various sectors, and in addition to NEOM include The Red Sea Project, and Qiddiya.

Source: Saudi Press Agency