31 Jul 2024
RIYADH: Saudi Arabia’s giga-project NEOM is set to advance following its inaugural steering committee meeting with the Ministry of Investment. The meeting focused on approving strategic directions, reviewing plans, and exploring funding opportunities.
Saudi Investment Minister Khalid Al-Falih, who conducted a field tour of NEOM, met with CEO Nadhmi Al-Nasr to strengthen their strategic partnership. The visit included key projects within the futuristic city — Oxagon, Sindalah Island, The Line, Shousha Island, and Trojena — providing insights into current developments and future investment prospects, as stated by Al-Falih on X.
Earlier this month, NEOM achieved a significant milestone by completing the construction phases of its underground parking and light rail systems, marking progress in its ambitious zero-carbon initiative.
The $500-billion megacity is a flagship initiative of Saudi Arabia’s Vision 2030, aiming to transform the region into a global hub for innovation and sustainability.
Oxagon is set to become the world’s largest floating industrial complex, while Sindalah Island is expected to emerge as a premier luxury tourist destination. The Line aims to revolutionize urban living with its zero-carbon environment, and Trojena will introduce year-round outdoor skiing to the desert Kingdom.
During his visit, the minister engaged in detailed discussions with NEOM officials about the “rapid progress” of these projects and the high professional standards guiding them. The discussions also centered on promoting and developing investments in these initiatives, highlighting the unique investment opportunities they offer.
In a statement on X, the minister said: “I reviewed the progress of work on Oxagon, Sindalah, The Line, Shousha Island, and Trojena projects, which are advancing rapidly and with unprecedented professionalism. I also discussed with NEOM officials the promotion and development of investments in these projects and the unique investment opportunities they present.”
The ongoing development of NEOM’s infrastructure and strategic initiatives positions it as a major player in the global market, presenting opportunities for international businesses and investors. Notably, NEOM secured an $8.4 billion investment for its green hydrogen project in May 2023, partnering with 23 local, regional, and international banks to finance a green hydrogen production facility at Oxagon. Additionally, an agreement was signed with Marriott International to open three luxury hotels on Sindalah Island, further attracting global tourism and investment.