RIYADH: Saudi Arabia’s $500 billion giga-project NEOM has signed partnership agreements with the various ministries to improve investment opportunities and boost cooperation.

NEOM has signed a strategic partnership agreement with the Saudi Ministry of Investment to propel cooperation to develop attractive investment opportunities further.

The agreement will raise the volume and quality of investments to contribute to achieving the goals of Saudi Vision 2030.

The new partnership falls in line with the goals of the National Investment Strategy that raises the competitiveness of the targeted sectors, the Saudi Press Agency reported.

It also aligns well with the objective of strengthening partnerships in several areas, including bilateral planning and strategic projects.

The tie-up includes addressing challenges, supporting investors and participating in international conferences and forums.

Minister of Investment Khalid Al-Falih and NEOM CEO Nadhmi Al-Nasr witnessed the signing of the agreement.

Additionally, the giga-project also signed a memorandum of understanding with the Ministry of Economy and Planning to supervise the economic and statistical activities within NEOM while providing its necessary support.

The MoU was signed at the ministry’s headquarters in the presence of Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim and NEOM’s Al-Nasr.

The newly signed MoU comes within the framework of the ministry’s experience across several activities related to the economy and statistics sectors in all regions of the Kingdom.

According to the terms of the agreement, the two parties will form a steering committee featuring representatives from each party, whose mission will be strategic supervision, cooperation and continuous coordination.

This pact will contribute to achieving the goals of NEOM and achieving economic diversification, which is one of the main goals of Saudi Vision 2030.