NEOM to convert into holding company, industrial city to open after a month: Nadhmi
- Date: 27-Oct-2021
- Source: Argaam
- Sector:Economy
- Country:Saudi Arabia
NEOM to convert into holding company, industrial city to open after a month: Nadhmi
Saudi Arabia's megacity NEOM will see the inauguration of its industrial city after a month, said CEO Nadhmi Al-Nasr.
He told Al-Arabiya TV, on the sidelines of the "Investment Future Initiative" conference that NEOM will convert into a holding company and that several subsidiaries will be established across all sectors.
NEOM Tech and Digital Holding Co. signed with OneWeb a joint venture agreement worth $200 million (SAR 750 million) to bring high-speed satellite connectivity to NEOM, Saudi Arabia, the Middle East, and neighboring East African countries, according to Argaam's data.
In October 2017, Crown Prince Mohammed bin Salman announced the launch of a new investment city, NEOM, in northwest Saudi Arabia, at a total investment of $500 billion, financed by the Saudi government, Public Investment Fund (PIF), as well as local and global investors.
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