- Saudi Arabia's Neom, the new city on the Red Sea coast, has secured a deal worth over 21 billion riyals ($5.6 billion) with local investors. Four firms will create temporary housing and facilities for 95,000 people through a public-private partnership.
- In recent weeks, Neom has obtained 3 billion riyals from Riyad Bank for the development of the Sindalah island-tourism resort. Additionally, it secured an $8.4 billion investment from a consortium of international and regional banks to construct a major green hydrogen plant, which will be one of the largest in the world.
Why it matters
- Under the leadership of Crown Prince Mohammed bin Salman, Neom represents the centerpiece of Saudi Arabia's ambitious efforts to diversify its oil-dependent economy. The crown prince envisions Neom as a transformative city, a showcase for economic revitalization, and a testing ground for groundbreaking technologies that could revolutionize everyday life.
