NEOM has said that it is set set to draw global investments in Saudi Arabia as it continues to drive the diversification of the Kingdom’s economy and build a knowledge-based economy.
Deputy CEO, Rayyan Fayez, NEOM said, “Giga-project, NEOM, is a core pillar for attracting global investment in Saudi Arabia.We have many opportunities where NEOM provides the enabling infrastructure – energy, water, digital connectivity and incentives – for third-party capital to come in and make the investments.”
“The US $9bn NEOM green hydrogen project is a great example, which is being developed in partnership with Air Products and ACWA Power. The project has secured $6.2bn in debt financing, with the remaining financing provided by equity. Collectively, as shareholders, they identified NEOM as a very attractive place to build such a large-scale industrial complex,” he added.
In April, NEOM announced its progress in enhancing regional connectivity by establishing a European multi-modal land bridge. This bridge enables the direct movement of truck-carried freight from Europe to Egypt and subsequently into the Gulf via the Port of NEOM.
Strategically situated on the Red Sea and close to significant inland transportation routes, the Port of NEOM is expanding its role as a reliable regional hub. It facilitates efficient cargo movement between Europe, Africa, Asia, and the Middle East.
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