Saudi Arabia announces creation of Neom Company

The closed joint-stock NEOM Company will be fully owned by the Public Investment Fund and develop NEOM, the planned $500 billion mega-city. (Supplied: NEOM)
Updated 05 February 2019
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Saudi Arabia announces creation of Neom Company

  • The new company will be entirely owned by the Public Investment Fund
  • Purpose will be to oversee the creation of the $500 billion mega-city

DUBAI: Saudi Arabia has established a company to develop NEOM, the planned $500 billion mega-city set to be built in the northwest of the Kingdom, it was announced on Tuesday.

The closed joint-stock NEOM Company will be fully owned by the Public Investment Fund, the sovereign wealth fund of Saudi Arabia.

It will develop the vast NEOM project, which will include multiple cities, airports, a seaport, tourist areas, industrial complexes and “innovation centers.”

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The change in the legal status of NEOM will also allow it to pursue ventures in 16 key economic sectors, including energy, water, tourism, media and health.

Nadhmi Al-Nasr will serve as the CEO of NEOM, according to the statement. 

“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 said.

“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.”

The NEOM project — which was announced by Crown Prince Mohammed bin Salman in 2017 — is expected to create thousands of jobs.

Saudi Arabia announced on Jan. 16 that it was to start developing the first urban area of the project.

Chaired by the crown prince, the founding board approved the masterplan concept for NEOM Bay, which will include homes, lifestyle and tourist facilities, and “innovation centers.”

It is expected to focus on luxurious living, and will include high-end hotels and villas.


National Center for Wildlife releases more than 60 wildlife species at King Khalid Royal Reserve

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National Center for Wildlife releases more than 60 wildlife species at King Khalid Royal Reserve

The Imam Abdulaziz bin Mohammed Royal Reserve Development Authority, in cooperation with the National Center for Wildlife, released more than 60 wildlife species at King Khalid Royal Reserve today near Riyadh, the Saudi Press Agency reported.

This initiative, according to the agency, is part of programs to reintroduce endangered species to their natural habitats, reflecting the integrated national efforts to protect wildlife and promote its sustainability.

“Releasing wildlife into the King Khalid Royal Reserve enhances biodiversity and restores natural habitats within the reserve. This contributes to providing a safe natural environment that supports the stability of wildlife and facilitates its adaptation to its natural habitats”, said the authority’s CEO, Talal Al-Hariqi.

He added that such efforts align with the National Strategy for Environmental Conservation and fulfill one of the objectives of the Kingdom’s Vision 2030, which aims to create an attractive environment that contributes to improving quality of life and promoting sustainability.

He also said that the collaboration with the National Center for Wildlife Development is a model for institutional integration in implementing reintroduction programs. This is achieved by unifying scientific and technical expertise and applying global best practices in wildlife conservation, thus ensuring the success of these programs and the long-term sustainability of their results.

Ziad bin Abdulaziz Al-Tuwaijri, director-general of projects and operations at the authority, said that the King Khalid Royal Reserve has released more than 60 wildlife species, including Arabian oryx, Arabian hares, and Arabian gazelles. This initiative aims to enrich the reserve’s biodiversity, contribute to restoring ecological balance through the reintroduction of endangered animals, promote sustainability, and support and revitalize ecotourism.

He said that over past years, the authority released more than 300 wild animals of different types, including reptiles, mammals, and local birds, all of which are classified on the International Union for Conservation of Nature Red List as species that are vulnerable or threatened with extinction.

He said that animals released in the King Khalid Royal Reserve are subject to periodic and continuous monitoring through field studies and modern monitoring techniques, such as surveillance cameras and tracking collars, where many natural births and herd growth have been recorded, reflecting the success of the release and reintroduction programs.