NEOM opens office in New York to facilitate investors

NEOM CEO Nadhmi Al-Nasr speaks at the opening ceremony. Supplied
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Updated 06 February 2024
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NEOM opens office in New York to facilitate investors

RIYADH: Saudi Arabia’s giga-project NEOM has opened its first office in New York City amid ongoing efforts to enhance cooperation with US-based investors and industry leaders. 

This move supports the acceleration of NEOM’s efforts to confront global challenges and achieve its vision of redefining the ideal of living, working, and preserving nature.

“We are pleased to witness NEOM opening an office in New York. The promising opportunities it provides are not only limited to the Kingdom but also extend to its regional and international surroundings,” Princess Reema bint Bandar, Saudi Arabia’s ambassador to the US, said in her speech during the official opening of the office.

“Through its role as a catalyst for innovation, sustainable development, and economic diversification, NEOM represents an inspiration for ambitious projects around the world, as it represents a unique model for future cities,” she added. 

NEOM CEO Nadhmi Al-Nasr stressed: “We have a firm conviction in the importance of working with international partners who are able to support our efforts to achieve NEOM’s vision.”

He added: “From this standpoint, we chose New York City to open our second international office, given its international position as a global capital for the financial and business sector.” 

Al-Nasr said that NEOM strengthened its investments and partnerships with several American companies, and through this office, it aspires to develop investment relationship with the industrial and business sectors in the US.

The newly launched office is NEOM’s second international office after the London office, which was opened in November 2023.

As the first international NEOM office, the UK office also serves as a base to support NEOM’s business across Europe, building on existing relations with partners, investors, and stakeholders across the continent, and nurturing new ones, the statement added at the time.


Closing Bell: Saudi main index extends gains as market opens wider to foreign investment

Updated 02 February 2026
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Closing Bell: Saudi main index extends gains as market opens wider to foreign investment

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 153.61 points, or 1.38 percent, to close at 11,321.09.

The total trading turnover of the benchmark index was SR5.85 billion ($1.56 billion), as 207 of the listed stocks advanced, while 55 retreated.

The MSCI Tadawul Index increased, up 21.20 points or 1.41 percent, to close at 1,524.18.

The Kingdom’s parallel market Nomu gained 278.13 points, or 1.17 percent, to close at 24,013.03. This comes as 43 of the listed stocks advanced, while 29 retreated.

The best-performing stock was Saudi Pharmaceutical Industries and Medical Appliances Corp., with its share price surging by 7.26 percent to SR28.94.

Other top performers included Rasan Information Technology Co., which saw its share price rise by 6.51 percent to SR144, and Knowledge Economic City, which saw a 6.25 percent increase to SR13.09.

On the downside, the worst performer of the day was Najran Cement Co., whose share price fell by 2.11 percent to SR6.49.

Almasane Alkobra Mining Co. and Saudi Cable Co. also saw declines, with their shares dropping by 2 percent and 1.88 percent to SR103.10 and SR166.80, respectively.

On the announcement front, Riyad Bank has announced its annual financial results for 2025, with the total income from special commission of financing reaching SR24.1 billion, while net income from special commission of financing amounted to SR12 billion.

In a statement on Tadawul, the bank said: “Net income increased by 11.7 percent mainly due to an increase in total operating income and a decrease in total operating expenses.”

The bank further noted that the rise in total operating income was primarily driven by increased revenue from fees and commissions, trading activities, special commissions, gains on non-trading investments, and other operating sources. This growth was partially tempered by declines in exchange and dividend income.

“Net provision of expected credit losses and other losses decreased by 15.8 percent due to a decrease in impairment charge of credit losses and impairment charge for other financial assets, partially offset by an increase in impairment charge for investments,” it added.

RIBL’s share price closed at SR18.18 on the main market, marking a 1.43 percent increase.