Neom City Mega Development in Saudi Arabia
Neom City is a massive project located in the northwest of Saudi Arabia, encompassing several subsidiary developments. These include The Line, Trojena, Sindalah, Zardun, Aquellum, and Epicon. As one of the kingdom’s major giga-projects, Neom aims to transform the region through innovative urban and economic initiatives.
Investment Strategy and Funding
Saudi Arabia’s Public Investment Fund (PIF) is nearing approval of a revised investment strategy for the Neom project. Yasir Al Rumayyan, governor of PIF, stated this plan reflects the fund’s broader focus on six key development sectors. Earlier in the year, reports indicated that the fund mandated spending reductions in selected areas.
Expansion of Red Sea Global
Red Sea Global (RSG), a luxury resort developer owned by Saudi Arabia’s Public Investment Fund, intends to extend its operations beyond Saudi Arabia. CEO John Pagano informed Reuters that their initial international project will target tourism and hospitality in Italy. Additionally, Pagano announced his upcoming appointment to the Neom board.
"The plan is part of the fund’s wider shift to concentrate on six major development areas."
"I will be joining the board of the kingdom’s mega-project Neom."
Red Sea Global, owned by Saudi Arabia’s $1 billion fund, continues to play a vital role in developing luxury tourism at home and abroad.
Subsidiary Projects within Neom
- The Line
- Trojena
- Sindalah
- Zardun
- Aquellum
- Epicon
Each project contributes to Neom’s vision of blending technology, nature, and sustainable living.
Author's Summary
Neom City represents Saudi Arabia’s ambitious giga-project, supported by strategic investment shifts and expanding global luxury tourism through key players like Red Sea Global.