Saudi Arabia announces a $80bn investment fund for companies willing to operate in NEOM, KSA’s smart city and innovation hub aimed at diversifying the country’s economy.
The NEOM business zone and smart-city is one of the applications of Saudi’s Vision 2030, and will be stretching over 170 km along the Red Sea, with plans to be completed by 2025.
The fund will be investing in top-notch companies that are interested in operating in NEOM, with ambitious plans to expand the fund to 400 billion riyals to finance even more organizations.
It is worth mentioning that the development of NEOM, owned by Saudi Arabia’s Public Investment Fund, was valued at $500b.
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