Executives Host New York Meeting to Attract Global Financial Backing for Ambitious Mega-Project
[RIYADH] Saudi Arabia’s US$500 billion “Neom” mega-project continues to capture the attention of global investors, as the project’s executives prepare to meet with bankers and investors in New York next month. The event, scheduled for early April, aims to raise interest in the futuristic high-tech hub being developed from scratch along the kingdom’s north-west Red Sea coast.
Neom’s CEO Nadhmi Al-Nasr and finance sector head Layth Al-Shaiban are set to attend the gathering, which targets private equity firms, bankers, and construction suppliers. The meeting is part of a broader effort to generate international investment in the ambitious development, which forms a key part of Crown Prince Mohammed bin Salman’s “Vision 2030” economic diversification plan. The project aims to shift Saudi Arabia’s economy away from its heavy reliance on oil, promote technological innovation, and attract global investment.
The invitation for the event, reviewed by Bloomberg, encourages participants to explore potential partnership opportunities and business ventures within Neom. The project’s bold plans include a car-free linear city, an industrial development floating on the Red Sea, and a mountain ski resort powered entirely by renewable energy. While the vision is striking, actual progress has so far been limited to groundwork, with much of the development still in its early phases.
The push to attract Wall Street investment comes on the heels of a controversial period for Saudi Arabia, following the 2018 assassination of journalist Jamal Khashoggi, which tarnished the kingdom’s reputation globally. Despite this, many international companies, including financial institutions, have returned to engage with Saudi Arabia, and Neom has expanded its workforce, hiring experts from companies such as General Electric and RWE to help shape the city’s future.
However, Neom has also faced internal criticism, with some Saudis expressing concerns over the project’s impact on local communities. A relocation process for residents in 2020 led to violence and arrests, further fueling debate about the feasibility and ethics of the project. Despite these challenges, Neom remains a cornerstone of the crown prince’s long-term vision to modernise Saudi Arabia and its economy.
