Business & Money | Wednesday 30 January, 2019 3:27 am |

Saudi Arabia has set up NEOM, the world’s future destination for dreamers and innovators, as a closed joint-stock company fully owned by the Public Investment Fund, the Kingdom’s sovereign wealth fund. The change in the legal status of NEOM will allow the company to create 16 economic sectors that will put it on the global investment map, which includes the future of energy, water, tourism, media, health and well-being, sport, food, mobility, biotech, manufacturing and livability.

Nadhmi Al-Nasr, will serve as the CEO of NEOM, while the 16 sectors will be spearheaded by leading international executives and experts in their fields.

Commenting on this milestone, NEOM’s Chief Executive Officer, Nadhmi Al-Nasr said: “The new entity will have a unique and historical role to play as it will be responsible for developing a new global destination from scratch on a huge area, and a futuristic civilization that is based on sustainability and livability.”

“All this aims to turn NEOM into a global center for attracting investment, knowledge, innovation and technology in order to compete with all economic capital cities,” he added.