• About Us
    • Overview
    • Board of Directors
    • Team Members
    • Careers & Internships
    • Contact Us
  • Membership
    • Member Directory
    • Member Benefits
    • Meet Our Members
    • Inquire Now
    • Apply Now
  • Services
  • Events
    • View All Events
    • USSBC Webinars
  • Reports
  • Resources
  • My Dashboard
  • Log In
USSBCUSSBC
  • About Us
    • Overview
    • Board of Directors
    • Team Members
    • Careers & Internships
    • Contact Us
  • Membership
    • Member Directory
    • Member Benefits
    • Meet Our Members
    • Inquire Now
    • Apply Now
  • Services
  • Events
    • View All Events
    • USSBC Webinars
  • Reports
  • Resources
  • My Dashboard
  • Log In

Crown Prince Mohammed bin Salman Announces NEOM Project at Future Investment Initiative

October 30, 2017 Featured Articles

H.R.H. Crown Prince Mohammed bin Salman spoke at the Future Investment Initiative forum in Riyadh. The event was held by the Public Investment Fund (PIF) with the goal to provide a platform for discussion on both current and long-term global investment trends and opportunities. During his remarks, Prince Mohammed announced a major new project to create NEOM, a new city on the coast of the Red Sea. The city will span over 10,000 square miles and into parts of Egypt and Jordan. Over $500 billion will be invested from the Saudi Government, the PIF, and local and international investors.

NEOM will focus on future solutions for nine economic sectors: energy and water, mobility, biotech, food, advanced manufacturing, media, entertainment, technological and digital sciences, and future living. Examples include renewable energy, autonomous transportation, pharmaceuticals manufacturing, desert farming, robotics, vehicle manufacturing, artificial intelligence, and housing solutions. The location of the business and industrial zone along the Red Sea features benefits that include access to global trade, a temperate climate, and diverse terrain that includes beaches and mountains that will lead to tourism. The area is rich in opportunity for solar and wind energy projects in addition to oil, gas, and minerals. These goals are in line with the priorities detailed in Vision 2030.

Saudi Arabia plans to incentivize investment by private companies. The Kingdom has indicated that NEOM will be semi-autonomous and feature a modern environment in accordance with international standards. The government will offer funding and financial incentives, favorable regulations in line with international trade laws, and more.

According to Al Arabiya, NEOM is a combination of NEO, or “new” in Latin, and M for mostaqbal, which means “future” in Arabic. Dr. Klaus Kleinfeld, former Chairman and CEO of Alcoa and Arconic Inc. and former President and CEO of Siemens AG, was named CEO of NEOM.

More information on NEOM.

Tags: ArabArabiaBusinessbusiness councilbusiness developmentCrowneconomicGCCGulfKSAMENAmiddle eastNEOMPrinceSalmanSaudiSaudi ArabiaU.S.U.S. Saudi Arabian Business CouncilUSUS Saudi Arabian Business CouncilUSSABCvision 2030
Share
0

You also might be interested in

Monthly Review: U.S.-Saudi Business Deals (March 2025)

Monthly Review: U.S.-Saudi Business Deals (March 2025)

Apr 3, 2025

The following is a summary of all announcements from the[...]

GE and SEC Collaborate to Boost Saudi Power Sector

GE and SEC Collaborate to Boost Saudi Power Sector

Nov 19, 2017

GE Power and the Saudi Electricity Company (SEC) signed two[...]

Saudi Arabia Invests in Digital Infrastructure with New Communications and Information Technology Law

Saudi Arabia Invests in Digital Infrastructure with New Communications and Information Technology Law

Jun 8, 2022

On May 31, 2022, the Ministry of Communications and Information[...]

  • News & Media
    • Featured Articles
      • | All Articles
    • News Bulletins
      • | All Bulletins
    • Social Media
    • Press Releases
      • | Archived Press Releases
    • Resource Links
      • | Saudi Links
      • | U.S. Links
      • | Other Links

Contact Us

Please feel free to send us a quick message and we'll get back to you, as soon as possible!

Send Message

United States Office

U.S.-Saudi Business Council
8000 Towers Crescent Drive Suite: 1275
P.O. Box: 1729
Vienna, Virginia 22182

703-962-9300

info@ussaudi.org

Saudi Arabian Office

Riyadh, Olaya Towers, Tower B – 18th Floor Kingdom of Saudi Arabia

966-11-476-2697
966-11-474-2555
966-11-474-3555

ussaudibc@us-sabc.org

Follow USSBC

Stay informed on the latest trends, opportunities, and key developments in the U.S. and Saudi markets, including government reforms and trade insights.

SUBSCRIBE

© 2025 — U.S.-Saudi Arabian Business Council | Web Design by Advanced Technical Solutions

  • Home
  • Contact Us
  • Become a Member
  • Privacy Policy
Prev Next