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.
Vantage Markets and NEOM McLaren Electric Racing celebrate three years of partnership with the release of a festive greetings video. The video reflects on the incredible journey with Vantage, whilst celebrating electric racing and climate change awareness.
A recent report from the Ministry of Communications and Information Technology, King Abdullah University of Science and Technology, and consultancy firm Hello Tomorrow highlights the rapid growth of deep tech startups in Saudi Arabia, with 50% of these startups focusing on AI and IoT. These sectors are emerging as key drivers of innovation and investment in the Kingdom, with over 43 high-growth startups collectively raising more than 987 USD in funding.
HRS, French designer and manufacturer, and European leader in hydrogen refueling stations, and Enowa, the energy and water subsidiary of NEOM, have installed their first hydrogen refueling station in NEOM, Saudi Arabia's sustainable region. The partnership, announced by HRS in June 2024[1], aims to develop a zero-emission public transport system. The station marks a positive step in advancing hydrogen-powered mobility solutions in the Middle East.
This project, part of the broader Vision 2030, reflects the kingdom’s commitment to diversification away from its historical reliance on oil. By investing in mega infrastructure projects like NEOM City, and others, Saudi Arabia is not only enhancing its economic prospects but is also laying the groundwork for a more sustainable, diversified and prosperous future.
Saudi Arabia will need estimated funding of SAR139 billion ($37.02 billion) in 2025 to cover the potential budget deficit. Finance minister Mohammed Al Jadaan has approved the borrowing plan, the National Debt Management Cente said in a statement. The ministry anticipates a budget deficit of SAR101 billion for the year, with nearly SAR38 billion of debt repayment.
Adhering to the principle of adapting to market demands, the Chinese-Polish Joint Stock Shipping Company (Chipolbrok) launched a new liner service from China, the Far East, and Southeast Asia to the Arabian Gulf. This new connection to eastern destinations is underpinned by a long-term contract to supply industrial products, primarily manufactured in China, to these rapidly expanding economic zones.
The Saudi Arabia crawler excavator market is expected to grow further due to several infrastructure projects such as NEOM, Qiddiya, & Red Sea Roshn.
Vishal Wanchoo, CEO of OXAGON, highlighted the city as a beacon of innovation and sustainability at the heart of Saudi Arabia’s transformation, saying that the NEOM Port is set to reshape global trade.
As excitement builds for the forthcoming projects in NEOM, Qatar Airways is set to double flights between Doha and NEOM this winter. Although a date for the increased flights hasn’t been given, it’s likely to be in the coming months that Qatar Airways will increase its weekly flights to NEOM from two to four.
Korean builders have achieved more than $1 trillion in accumulated overseas construction deals, the Ministry of Land, Infrastructure and Transport said Friday. The achievement comes 59 years after Hyundai Engineering & Construction obtained its first overseas deal to build an expressway in Thailand in November 1965.
Al Jouf Cement's board of directors has approved the use of its 'green' cement for projects in the new NEOM city.
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