The Crown Prince of Saudi Arabia is credited with creating the $500 billion city of Neom.
The strategic investment arm of Neom, the recently developed urban area in Saudi Arabia, has been launched as the Neom Investment Fund (NIF). With the goal of generating employment and laying the groundwork for Saudi Arabia’s next financial center, the new investment fund will assist the expansion and development of Neom’s 14 core industries.
Promises to invest in businesses, including Pony.ai, Regent, Boom Technology, BlueNalu, and Animoca Brands, accompanied the inauguration, which happened on the 24th Oct, Tuesday.
The Kingdom of Saudi Arabia is planning Neom, a new 26,500 km2 urban area that will act as a focus for international trade and finance for the nation’s enterprises. Wind, solar, and hydrogen energy will power the city’s operations, providing 100% clean energy.
Neom Investment Fund CEO Majid Mufti stated: “The NIF strategy is designed to align Neom’s development objectives with those of innovators and institutional investors, de-risking opportunities for them to participate in and help build core global growth businesses and a thriving Neom economy.”
Mr Mufti went on “Nepom has invested in a number of technology companies that will accelerate technologies essential to the Neom project and have a significant impact on the future of living and sustainability. These companies are located within the 14 priority sectors of Neom. This strategy will establish Neom as a role model for sustainable economic development if it is repeated over time.
Critics, however, contend that Neom is only another attempt by the Riyadh government to employ greenwashing as a means of diverting attention away from Saudi Arabia’s botched attempts to meet international climate targets.
The city will serve as an example of green energy, according to the Saudi authorities. Yet, Riyadh’s existing climate plans are inadequate, according to the independent scientific initiative Climate Action Tracker, and hence incompatible with the 1.5°C temperature limit that is expected to be reached by 2030.
First and foremost, the new metropolis will face competition from other Saudi towns, such as Jeddah, which is widely regarded as the nation’s commercial hub and a popular destination for investors, and Riyadh. Neom “could focus more on the sectors where other Saudi cities are not as strong,” according to Investment Monitor head economist Glenn Barklie, when asked if the idea is feasible. what about Riyad ?? this is incomplete
To make this idea a reality, the Saudis are contributing a significant amount of money. According to Barklie, Saudi Arabia’s economy has recently opened up. Therefore, investors are already seeing it as a relatively fresh investment destination.” A ‘future city’ will be offered by Neom right now. Putting everything in place is the difficult part. Nevertheless, investors and the larger business world will undoubtedly show interest.
The CEO of Neom, Nadhmi Al-Nasr, praised the opening of NIF and stated that the city is designed to address issues of sustainability, commerce, and livability on a global scale.
Additionally, Al-Nasr said, “NIF will be essential to realizing Neom’s vision as its strategic investment subsidiary. Long-term job creation and economic diversification are two of Neom’s primary goals, and NIF will help the company continue to fulfill these goals.”
Although the investment fund launched in Saudi Arabia’s Neom is a great step towards economic development, it also opens up new job opportunities in various sectors, including construction. We at Dynamic Staffing Services can help aspiring skilled workers secure their desired jobs in Saudi Arabia, including in Neom.
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