Giga-project launches NEOM Investment Fund (NIF)
NEOM should no longer be considered a Saudi Arabian project, but a global flag bearer for a sustainable future. That’s the message the Kingdom is sending out with the establishment of the NEOM Investment Fund. Another message might be: we can no longer think of NEOM as just a place, but rather as an idea. Anyone who has been keeping their eye on NEOM’s progress in the last two years will understand the difference. Because every innovation that emerges from any of the fourteen sectors will not be held as proprietary. They will be passed on to the world.
The NEOM website has announced NIF with the following statement from the CEO of the new initiative.
“The NIF strategy is designed to align NEOM’s development objectives with those of innovators and institutional investors, de-risking opportunities for them to participate in creating core global growth businesses and a thriving economy in NEOM. To date, NIF has invested in several technology companies within the 14 priority sectors of NEOM that will accelerate technologies critical to the NEOM project and have a major impact on the future of living and sustainability. Replicated over time, this approach will position NEOM as a model for sustainable economic development.”
The companies which NIF have already partnered, include the Sino-American autonomous driving technology venture Pony.ai, the supersonic airliner developer Boom Technology, the ‘future of food’ San Diego outfit BlueNalu and Blockchain gamer Animoco from Hong Kong.
But this is just the beginning
To many, the NIF represents a shift for NEOM from attracting the best sustainability and tech people to the Kingdom. Now, it’s taking a leading role in providing opportunities for next generation of companies outside of the Kingdom. Yes, it serves Saudi Arabia’s Vision 2030. But from an investors point of view, NIF is showing that Saudi Arabia is more community-minded than people have given it credit for, in the past.
Inside Telecom provides you with an extensive list of content covering all aspects of the Tech industry. Keep an eye on our Opinion section to stay informed and updated with our daily articles.