We like to keep up with news and events in NEOM, Saudi Arabia and the surrounding area. Here are some of the news sites we read regularly.
Italian design house Pierpaolo Lazzarini has revealed plans for a gigantic $8bn turtle-shaped terayacht, with Saudi Arabia as the proposed location for the project. If funded, the project would be the world's largest water structure. The Lazzarini design house is known for its ambitious luxury transportation concepts. Earlier this year, it unveiled a flying superyacht concept powered by helium, named Air Yacht.
President Yoon Suk Yeol and Saudi Crown Prince Mohammed bin Salman have agreed to expand South Korean firms’ participation in the construction of the infrastructure for mega smart city project NEOM, located in northwestern Saudi Arabia. They also agreed to enhance and encourage their nations’ mutual cooperation in multilateral sectors including that of defense and future energy.
NEOM has organized a series of “Discover NEOM” meetings with investors and business partners in Berlin and Paris, as part of its ongoing efforts to attract investors and highlight the rapid progress it has made over the past year. Entrepreneurs, industry pioneers and potential business partners from the two European countries had the chance to engage with NEOM’s CEO and several of the project’s leaders to explore future opportunities and support NEOM’s mission to redefine business, urban livability, and nature conservation.
Satellite constellation operator OneWeb, itself in the process of merging with Eutelsat, is partnering with the massive Saudi Arabian ‘NEOM, city of the future’ currently under construction on the Gulf of Aqaba.
OneWeb last October signed a $200 million joint-venture agreement with NEOM Tec & Digital Holding Co., to bring high-speed satellite connectivity to NEOM, Saudi Arabia and the wider Middle East and neighbouring East African countries. Laith Hamad, CEO of the j-v, speaking at the recent Riyadh ‘Connecting the World from the Skies’ event, outlined the scope of joint project.
Some 26 memorandums of understanding between Korean companies and Saudi Arabia were announced with the arrival of Crown Prince and Prime Minister Mohammad bin Salman Al Saud in Seoul on Thursday.
The business agreements, though they have no legal bound, include a $7 billion petrochemical project by S-Oil, the biggest single foreign investment, as well as Hyundai Rotem’s railroad and hydrogen train development cooperation related to Saudi’s NEOM city project.
The CEO of NEOM has confirmed that 30,000 of the employees in NEOM are subjected to a strict strategy for securing information and data. Nadhmi Al-Nasr made the remarks while describing the features of cybersecurity in NEOM during the 2nd edition of the Global Cybersecurity Forum in Riyadh.
Saudi Arabia’s upcoming mega project ‘THE LINE’ is now under construction. The 170-kilometre linear city, which is being built in the kingdom’s north-west Tabuk province, saw excavators digging a wide trench in the desert. THE LINE, which will have a mirror façade, is set to be 500 metres tall, accommodating nine million people and will be built on a footprint of 34 square kilometres.
Saudi Arabia is working with Lazard Ltd. as it considers how it will pay for NEOM, Crown Prince Mohammed bin Salman’s ambitious $500 billion plan for a high-tech desert city, people familiar with the matter said.
The New York-based investment bank is helping the kingdom evaluate financing options, including debt sales and a potential initial public offering on the Saudi stock exchange, according to the people.
Saudi Arabia’s $500-billion megaproject NEOM is negotiating with entities to invest $20 billion to develop its planned brine chemicals complex in the industrial city OXAGON, according to a report. Citing a close source familiar with the matter, MEED reported that the development will be built in phases and require somewhere between $15 billion to $20 billion in investments.
Saudi Arabia’s sovereign wealth PIF said it will make electric cars in the kingdom under a joint venture with Foxconn. PIF said its cars would be available in 2025. Ceer would draw more than $150 million in foreign direct investment, create up to 30,000 direct and indirect jobs and is projected to contribute $8 billion to the kingdom’s GDP by 2034. The joint venture will license component technology from BMW for use in the vehicle development process, PIF said in a statement.
Representatives from Korean IT giant Naver are accompanying the land minister on a trip to Saudi Arabia this week to pitch not only its staple internet and cloud services, but also a whole building filled with its latest technology. As the IT company aims to bid for a $500 billion city development project in Saudi Arabia, its new office building — named Naver 1784 — is now doubling as a technology showroom.
Naver is one of the companies accompanying Minister of Land, Infrastructure and Transport Won Hee-ryong’s trip to Saudi Arabia, seeking to participate in the Middle Eastern country’s massive NEOM smart city project. The delegation departed on Friday and will return on Nov. 9.
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