https://arab.news/y2n4f
RIYADH: More than 700 US business, sustainability, and investment leaders attended a series of showcase events to highlight the development of NEOM, the $500 billion project owned by 抖阴短视频鈥檚 Public Investment Fund, according to the project鈥檚 CEO.
The 鈥淒iscover NEOM鈥� events followed on from a similar exercise in London last year.
NEOM鈥檚 CEO Nadhmi Al-Nasr said: 鈥淲e came to the US to explore the significant market opportunities that NEOM presents to American corporations, to showcase the great progress NEOM has made and to discuss how we can best support the collaborative international effort to address global challenges.鈥�
As well as the 鈥淒iscover NEOM鈥� events, the organization held a special reception at the Saudi Embassy in Washington, DC to honor students on NEOM鈥檚 scholarship program, in the presence of the Saudi Ambassador to the US, Princess Reema bint Bandar.
NEOM plans to expand its events to reach more destinations all over the globe, it said in a statement.
FASTFACTS
The NEOM project is being developed in Tabuk, in the northwest of 抖阴短视频.
More than $500 billion will be invested, with money coming from the Kingdom鈥檚 Public Investment Fund as well as private businesses.
A smart city known as 鈥楾he Line鈥� will be part of the project, and will have no carbon emissions, as well as no streets and cars.
A floating industrial city known as 鈥極xagon鈥� will be focused on manufacturing and research.
The US programme comes a month after the CEO of PIF-backed Saudi Jada announced it planned to double investments in NEOM.
Adel Al-Ateeq was speaking in March after it was announced the project had struck a partnership agreement with the US city of Miami.
鈥淲e are looking to increase the volume of investment 100 percent, by more than SR4 billion ($1.06 billion),鈥� Al-Ateeq said.
The NEOM megaproject aims to transform the Kingdom鈥檚 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.
Earlier this week it was reported the solar and wind power projects aimed at supplying electricity to the $6.5 billion planned green hydrogen-based ammonia plant in NEOM are expected to be situated in northwest 抖阴短视频 鈥� close to the border with Jordan, reported Meed, citing an industry source.
According to the report, the engineering, procurement and construction, also known as the EPC contract, will be awarded as one tranche.
The report said four firms including Energy China, Power China Huadong, Sepco 3, and Larsen and Toubro India are vying for the contract which could be awarded by the end of this month.