Saudi Crown Prince’s $500bn Neom high-tech hub project seeks international interest

Saudi Crown Prince’s $500bn Neom high-tech hub is seeking to lure international interest as the project gathers pace, Bloomberg reported.

In an attempt to do so, executives from the megaproject have invited bankers, investors, private equity firms, and construction suppliers for an event in New York which is set to take place in April.

Neom’s chief executive Nadhmi Al-Nasr and finance sector head Layth Al-Shaiban will be attending the meeting.

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Similar events are expected to be held across several US cities.

“Explore and discuss the significant market opportunities Neom represents and discuss how we can support your business plans through meaningful partnership and investment opportunities,” Bloomberg reported, citing the invitation.

During the event, executives will discuss Neom’s vision of urban design which includes an industrial development that floats on the Red Sea, schemes for a car-free linear city, a mountain ski resort with an artificial lake — all to be powered by renewable energy.

The Neom megaproject aims to transform the Kingdom’s northwest Red Sea coast to a high-tech hub.

This falls in line with Saudi Vision 2030 to drift away from crude, raise investments, and untie social restrictions.

Source: Arab News

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