Over SAR 140B spent on NEOM infrastructure: CDO

Denis Hickey, Chief Development Officer (CDO) at NEOM, said that over SAR 140 billion was spent on the infrastructure of the NEOM project so far.

 

Speaking at the PIF Private Sector Forum, he added that many real estate projects are still under development, noting that infrastructure, utilities, and several other aspects are continuously progressing.

 

 

There are two investment vehicles within NEOM, first: the NEOM Investment Fund (NIF), which primarily focuses on sector growth and partnerships, and the NEOM Investment Office, which is mainly concerned with partnerships related to real estate development and other initiatives in key sectors that contribute to NEOM's advancement.

 

NEOM spans a total area of 265,000 square kilometers, comparable in size to the US state of Massachusetts. He emphasized that the region is being developed with a massive market in mind, representing a vision for the next 100 years rather than a short-term plan.

 

He also highlighted that NEOM is an economic development project, not just a real estate initiative. It is designed as a long-term economic venture, with efforts focused on building an economy across more than 15 sectors. These sectors are being developed in collaboration with global and local partners, as well as companies established within NEOM.