NEOM MEGA-CITY: Siemens, is in talks with Kingdom of Saudi Arabia for a role in the development of Neom, the $500b special economic zone announced by the kingdom last month.
Siemens has a long established relation with Saudi Arabia and it is getting prepared to help Opec’s biggest oil producer achieve its economic diversification goals.
Neom is part of the Vision 2030 goals and cooperation between the kingdom and Siemens on how to assist and help the kingdom in achieving their goal.
Saudi Arabia, which is heavily dependent on sale of hydrocarbons for revenues, is pursuing a fiscal and economic reform agenda under the overarching Vision 2030 programme and aims to open up the biggest Arab economy to foreign investment. Crown Prince Mohammed Bin Salman, senior ministers and government officials hosted the who’s who of the global financial and business elite for three days in Riyadh last month and launched Neom Mega-city, on day one of the Future Investment Initiative.
The metropolis overlooking the the Red Sea to the south and the Gulf of Aqaba to the west, will be backed by more than $500bn from the kingdom’s coffers, investments by its sovereign wealth fund Public Investment Fund (PIF), and local as well as international investors. Saudi Arabia is set to bring a major global fund with access to a worldwide network of investors and major companies on board to drive the success of Neom.
Spanning 26,500 square kilometres, Neom’s land mass will extend into Egypt and Jordan, making it the first private zone to cover three countries. It will focus on nine specialised investment sectors including energy and water, mobility, biotechnology, food, technological and digital sciences, advanced manufacturing, media and entertainment.
Prince Mohammed dubbed Neom Mega-City a “place for dreamers”, a project that will be built with the newest technologies.
Siemens has the ability to provide Neom with solutions for affordable, reliable and sustainable power; efficient network of transportation; security and safety; water and waste water management and sustainable efficient buildings.