SPA

Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, Deputy Premier, Minister of Defense, and Chairman of the Board of Directors of Public Investment Fund (PIF) announced today the launch of ''NEOM''project.

The project "''NEOM''" comes within the framework of the ambitious vision 2030 to transform the Kingdom into a pioneering global model in all aspects of life by focusing on attracting value chains to industries and technology within the project.

The Crown Prince stated during his announcement of the launch of the project that, "The ''NEOM''region will focus on nine specialized investment sectors targeting the future of human civilization including the future of energy and water, the future of transport, the future of biotechnologies, the future of food, the future of technical and digital sciences, the future of advanced industrialization, the future of information and media production, the future of entertainment and the future of living which is the mainstay of other sectors in order to stimulate growth and economic diversification, enable manufacturing processes, and create and promote the local industry at a global level. All that will lead to create job opportunities, contribute to increasing the Kingdom's Gross Domestic Product (GDP). The project ''NEOM''will attract private investments and governmental investments and partnerships and it will be supported by more than $ 500 billion in the coming years by the Kingdom of Saudi Arabia, Public Investment Fund, as well as local and international investors.

The project region is characterized by important characteristics, notably the strategic location that allows it to be the meeting point of the best in the Arab region, Asia, Africa, Europe and America. The region is located on the north west of the Kingdom on an area of 26,500 square kilometers overlooking from the North and West the Red Sea and the Gulf of Aqaba with a length of 468 kilometers surrounded from the East by mountains with a height of 2,500 meters in addition to the beautiful breeze which contributes to moderate temperatures, and the sun and wind will allow the project region full dependence on alternative energy.