Saudi Arabia has set up a closed joint-stock company, called NEOM, that aims to develop a $500 billion economic zone and which will be owned by the government’s Public Investment Fund (PIF), the state news agency SPA reported on Tuesday.
NEOM is part of Crown Prince Mohammed bin Salman’s Vision 2030 plan that aims to attract foreign investment and create jobs.
The new legal status of NEOM will enable the company to create 16 key economic areas, including energy, manufacturing and tourism, SPA said, that will put it on the global investment map.
The 26,500 square km high-tech hub northwest of Saudi Arabia, announced in 2017, will include high-tech projects powered by wind and solar energy.
It is designed as an eco-friendly environment that caters for sustainability and livability.
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.