NEOM Established as a Closed Joint-Stock Company Owned by Saudi Sovereign Wealth Fund
The world’s future destination for dreamers and innovators– has obtained the necessary approvals from authorities in Saudi Arabia to establish a closed joint-stock company under the name “NEOM” to develop the project that is set to be the most ambitious on earth.
The newly-established entity is fully owned by the Public Investment Fund, the sovereign wealth fund of Saudi Arabia and is responsible for achieving NEOM’s vision, which is to be the land of the future, where the greatest minds and best talents are empowered to embody pioneering ideas and exceed boundaries in a world inspired by imagination.
In order to achieve NEOM’s vision, the company will develop a new area in the Northwest of Saudi Arabia equipped with all elements to make it the best place to live and work; and a leading investment destination. This area will be the land of the future that will incubate human genius in search for solutions key challenges facing humanity. NEOM will have new cities with extensive infrastructure that includes a network of airports, an advanced seaport, industrial areas, as well as creative and innovation centers to unlock the potential of a knowledge-based economy, and a range of world-class tourist destinations. It is designed as an eco-friendly environment that caters for sustainability and livability.
The significant change in the legal status of NEOM will also allow the company to create 16 key economic sectors that will put it on the global investment map, which includes the future of energy, water, tourism, media, health and well-being, sport, food, mobility, biotech, manufacturing and livability.
Nadhmi Al-Nasr, will serve as the CEO of NEOM, while the 16 sectors will be spearheaded by leading international executives and experts in their fields. Al-Nasr is a leading Saudi executive with a track record of developing mega projects including Shaybah oilfield, a giant deposit located at the heart of the Empty Quarter desert, as well as King Abdullah University for Science and Technology (KAUST).
Commenting on this milestone, NEOM’s Chief Executive Officer, Nadhmi Al-Nasr said: “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 added: "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.”