Sign in
Neom is again making the rounds in the foreign press, with Investment Minister Khalid Al Falih telling Reuters on the sidelines of the World Investment Conference that the gigaproject is a “generational investment” with an extended timeline that will not be completed in “two, three or five years.” Al Falih also added that the megacity was not “100% PIF” and that foreign investment is starting to pick up. “The flywheel is starting and it will gain speed as we go forward, as some of the foundational assets come to the market,” the minister explained.
(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)
REMEMBER- Italian state export credit agency Sace pledged USD 3 bn in loan guarantees to Neom earlier this month, with the move coming as part of a push by Italy for lucrative contracts at the megacity. The Saudi state is also recalibrating spending on megaprojects including Neom as part of a drive to promote fiscal prudence and prioritize projects with a more immediate economic impact.
ALSO- Bloomberg is out with an opinion piece looking at women’s labor force participation in Saudi and the Kingdom’s economic diversification push.
