Neom
Saudi Arabia’s $500 billion giga-project Neom has spent more than SAR140 billion ($37 billion) on infrastructure development so far, a senior company executive has said.
Several real estate projects are still under development, with work on infrastructure and utilities continuously progressing, chief development officer Denis Hickey told PIF Private Sector Forum last week.
The developer has two investment vehicles. Neom Investment Fund focuses on sector growth and partnerships, while the Neom Investment Office handles real estate development and launching new initiatives in other sectors.
He said Neom has a vision for the next 100 years, not just a short-term plan. It aims to build an economy across more than 15 sectors.
These sectors are being developed with global and local partners, as well as companies within Neom, Hickey said.
Last week Sace, an Italian state-owned insurance company, guaranteed a multi-currency loan of $3 billion provided by nine international banks to support projects in 26,500-sq km Neom.
In November 2024 the developer replaced its CEO Nadhmi Al Nasr with Aiman Al Mudaifer appointed as acting CEO in an apparent effort to boost the kingdom’s highest-profile giga-project after a string of delays.