03/06/2020

NEOM NEWS

The City of Future

The ambition of the NEOM project is a strong impetus for many international companies to share Saudi Arabia in building the City of the Future. The major companies from various investment sectors are scrambling to give to the construction of the $ 500 billion megacity.

In this context, the British company “Arm Holding” is in talks with the Saudi government and project managers to take part in the development of NEOM through the company’s advanced technologies in the design of chips.
Arm Holdings, the largest technology company in Britain, was acquired by Softbank two years ago in a deal worth £ 24 billion.

 The CEO of the company, “Simon Segars” at the Barcelona World Mobile Congress, said that “the talks between the company and the Saudi side began at an early stage on the use of modern technology provided by the company in the development of the city of NEOM to be a smart city”.

Softbank has sold 25% of its shares in Arm Holdings to Softbank, a $ 100 billion vision fund established by the Saudi government, where the Saudi Public Investment Fund is worth $ 45 billion.

Segars added that the company has increased its employees around the world by 25% over the past year due to the expansions adopted by Softbank’s founder since the company joined Softbank in 2016.

source: The Times