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.
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.
The Global Cybersecurity Forum (GCF), the action-oriented platform shaping the global cybersecurity agenda, will welcome over 4,500 attendees from over 110 countries at The Ritz-Carlton, Riyadh, from November 9 to 10.
Aiming to leverage the opportunities of an evolving global cyber order, GCF is bringing together the best minds to advance the cybersecurity agenda and grasp its benefits. Over the two-day event founded by the National Cybersecurity Authority, GCF will convene over 120 speakers from across the globe to discuss the most pertinent cyber issues of the day.
Minister of Land, Infrastructure and Transport Won Hee-ryong is leaving Friday for Saudi Arabia to make a sales pitch for Korean companies seeking to participate in the $500 billion NEOM city development. The Korean Land Ministry is the first Korea ministry to visit the site of the massive project. Won will travel to Riyadh and stay in the country for four days, joined by 22 companies including 11 Korean construction companies. Representatives of Hyundai E&C, Samsung C&T, Naver and KT and from smart city and mobility companies are joining the delegation.
Volocopter, a company specializing in urban air mobility (UAM), has raised an additional $182 million in the second signing of its Series E funding round.
NEOM, the developer behind the $500 billion vertical city in Saudi Arabia has announced that people can now immersive themselves in THE LINE’s journey at the public exhibition in Riyadh. Set to open its doors to the public on 6 November, the public gallery will feature detailed designs, architectural models, and informative films revolving the 170km-long vertical city. Additionally, the exhibition will enable visitors to better understand the scope and complexity of the project.
NEOM has appointed Egis, its subsidiary AuditSafe, and its partner Certifer to act as the Independent Safety Assessor (ISA) for the railway system in THE LINE and the NEOM Industrial City Connector (NICC). The project will comprise several individual lines: high-speed rail lines, freight rail lines, Metro/GMT rail lines, depot rail lines, and platform loops.
Alexandra Cousteau, who is known as an expert in environmental issues and a National Geographic Emerging Explorer, made her remarks during a panel discussion at the sixth edition of Future Investment Initiative (FII6) in Riyadh on Wednesday.
“They’re putting 95 percent of NEOM as a nature reserve — both in land and ocean — and that’s an extraordinary piece of leadership and example for the rest of the world,” she said.
The Bahrain national beach soccer team defeated their Saudi visitors in two of the four friendly matches held at the Federation Beach Field in Isa Town. The other two games were drawn. The nations organised the matches as part of their preparation for the upcoming NEOM Beach Soccer Cup 2022 in Saudi Arabia in November. The competition will run from November 9-12 and will feature eight teams: Bahrain, Brazil, England, Paraguay, Japan, UAE, Oman and Saudi Arabia.
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