NEOM pitches investment opportunities to more than 700 US business leaders

GCC summit in Jeddah

RIYADH (RAHNUMA): More than 700 US business, sustainability, and investment leaders attended a series of showcase events to highlight the development of NEOM, the $500 billion project owned by Saudi Arabia’s Public Investment Fund, according to the project’s CEO.

The “Discover NEOM” events followed on from a similar exercise in London last year.

NEOM’s CEO Nadhmi Al-Nasr said: “We came to the US to explore the significant market opportunities that NEOM presents to American corporations, to showcase the great progress NEOM has made and to discuss how we can best support the collaborative international effort to address global challenges.”

As well as the “Discover NEOM” events, the organization held a special reception at the Saudi Embassy in Washington, DC to honor students on NEOM’s scholarship program, in the presence of the Saudi Ambassador to the US, Princess Reema bint Bandar.

NEOM plans to expand its events to reach more destinations all over the globe, it said in a statement.

More than $500 billion will be invested, with money coming from the Kingdom’s Public Investment Fund as well as private businesses.

A smart city known as ‘The Line’ will be part of the project, and will have no carbon emissions, as well as no streets and cars.

A floating industrial city known as ‘Oxagon’ will be focused on manufacturing and research.

The US programme comes a month after the CEO of PIF-backed Saudi Jada announced it planned to double investments in NEOM.

Adel Al-Ateeq was speaking in March after it was announced the project had struck a partnership agreement with the US city of Miami. “We are looking to increase the volume of investment 100 percent, by more than SR4 billion ($1.06 billion),” Al-Ateeq said.

The NEOM megaproject aims to transform the Kingdom’s northwest Red Sea coast to a high-tech hub.

This falls in line with Saudi Vision 2030 to drift away from crude, raise investments, and untie social restrictions.

Earlier this week it was reported the solar and wind power projects aimed at supplying electricity to the $6.5 billion planned green hydrogen-based ammonia plant in NEOM are expected to be situated in northwest Saudi Arabia — close to the border with Jordan, reported Meed, citing an industry source.

According to the report, the engineering, procurement and construction, also known as the EPC contract, will be awarded as one tranche.

The report said four firms including Energy China, Power China Huadong, Sepco 3, and Larsen and Toubro India are vying for the contract which could be awarded by the end of this month.

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