Saudi City Neom Spreads Its Cash With Investment Fund: Middle East Report
Photo Caption: Neom, Credit: Unsplash
Skift Take
Saudi Arabia has created another investment fund, this time under the banner of its mega-city Neom. The Neom Investment Fund will spread its vast amount of cash around the world, investing in businesses it sees as futuristic or industry-changing.
Middle East Travel Roundup
Get the latest news from the Middle East in one easy-to-digest newsletter.Saudi Arabia’s super-city of Neom has created its own investment fund. The Neom Investment Fund will largely focus on mergers and acquisitions and venture capital in tech startups, said the organization. The Neom Investment Fund will also work with global organizations through joint ventures to boost its many sectors, including travel and tourism.
Neom is Saudi Arabia’s futuristic city being built from the ground up as a new global benchmark for sustainability, livability and tourism. The area will be home to various giga-projects, including The Line, ski destination Trojena, and super-luxury yachting island Sindalah. Should all its contracts be awarded, Neom has a total value of around $500 billion.
“The vision of Neom is to address global challenges that redefine liveability, conservation and business. As Neom's strategic investment subsidiary, the [Neom Investment Fund] will play a critical role in converting Neom's vision to reality,” said Nadhmi A
