NEOM to convert into holding company, industrial city to open in 1 month: CEO

27/10/2021 Argaam Special

Nadhmi Al-Nasr, CEO of NEOM

Saudi Arabia's megacity NEOM plans to inaugurate its industrial city in a month, Al-Arabiya TV reported, citing Chief Executive Officer (CEO) Nadhmi Al-Nasr.

 

NEOM will convert into a holding company and its subsidiaries will be established across all sectors, the CEO said, speaking on the sidelines of the Future Investment Initiative (FII) conference.

 

NEOM Tech and Digital Holding Co. signed with OneWeb a joint venture agreement worth $200 million (SAR 750 million) to bring high-speed satellite connectivity to NEOM, Saudi Arabia, the Middle East, and neighboring East African countries, according to Argaam's data.

 

In October 2017, Crown Prince Mohammed bin Salman announced the launch of the new investment city, NEOM, in northwest Saudi Arabia, at a total investment of $500 billion, financed by the Saudi government, Public Investment Fund (PIF), as well as local and global investors.

 

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