NEOM “entirely under Saudi sovereignty, regulation”, insists government official – Eurasia Review

NEOM, a project wholly owned by the Saudi Public Investment Fund, is “entirely under the sovereignty and regulation of Saudi Arabia”, the Saudi Press Agency reported on Monday, citing an official source.

The clarification came after NEOM’s head of tourism sector, Andrew McEvoy, made comments to the media while attending the Arabian Travel Market in Dubai about the demographic status within the megacity, suggesting that residents of NEOM will have a special status, distinguishing them from the others.

NEOM City will have special investment-related regulations reflecting its strategy under the Kingdom’s Vision 2030, to make “the city of the future” an effective engine to support the Saudi economy and the region’s prosperity, according to the society.

Economic legislation specific to the project area will be developed to achieve the best governance concepts of economic areas in the world, making NEOM one of the most important attractions in the world, the SPA source quoted the source as saying.

The point was made by Manar Al-Munif, chief investment officer of NEOM, during a speech at the Saudi-Thai Economic Forum in Riyadh on May 16.

She said the future $500 billion city will have its own regulations based on best practices from around the world that will allow businesses to grow and develop.

Al-Munif revealed that NEOM is the largest environmental, social and governance initiative in the world, and added that the project will create several investment opportunities for companies.

“We have identified a number of investment opportunities across 16 NEOM sectors. These sectors represent the future and we have defined 150 investment initiatives. Each of these initiatives is going to have hundreds of opportunities, whether it is a direct investment, a joint venture or a merger,” Al-Munif added.

She also said that the NEOM project attempts to reinvent and introduce environmental factors, thereby ensuring harmony with nature.

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