NEOM project has obtained the necessary approvals from the official authorities in the Kingdom to establish a closed joint stock company under the name of “NEOM Company” with fully paid up capital and owned by the Public Investment Fund.
This establishment will give NEOM the legal capacity to carry out its main tasks: to develop, supervise and make it a new global destination for the implementation of the basic vision of the project, to be the city of 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 for the most important challenges facing the future of mankind.
Creating a complete economic system based on 16 sectors, developing and applying the latest technology 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.
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 owner.
- The second is to stop the economic leakage, as the project will provide additional opportunities for Saudi investors in sectors that were not previously available, and offer luxurious tourist destinations and advanced medical health centers to reduce spending abroad.
The NEOM project is managed by an international team of more than 30 nationalities and headed by Nazmi Al Nasr, who has already developed and managed several mega projects, such as the giant Sheiba field project built in an isolated area in the heart of the Rub Al Khali Desert and the King Abdullah University of Science and Technology (KAUST) project. The 16 economic sectors will be managed by elite executives and experts drawn from all over the world.
NEOM’s chief executive, Nazmi Al-Nasr, said that: