Saudi Arabia to set up closed joint stock company for NEOM

Saudi Arabia will establish a closed joint stock company with fully-paid up share capital to develop NEOM project, the official Saudi Press Agency reported on Tuesday.

NEOM Co., which will be owned by the Saudi Public Investment Fund (PIF), will have the legal capacity required for developing the mega project located in the north-west of Saudi Arabia. 

As part of the project vision, the new entity will introduce an ideal environment, purpose-built for a new way of living. It will also find sustainable solutions for key challenges going forward.

The company also seeks to make NEOM a world hub that is attractive for foreign investment and build an economic system with 16 sectors.  State-of-the-art technology will be applied to mobility, energy, water, food and biotech.

Additionally, NEOM Co. will build new cities with infrastructure services, including a ports, airport networks, industrial zones, as well as art and economic innovation centers.

In October 2017, Crown Prince Mohammed bin Salman announced the launch of NEOM as a project that aspires to be the “safest, most efficient, most future oriented, and best place to live and work” in the Kingdom, Argaam reported.