Saudi Arabia’s Neom keeps announcing new hotel projects, and more are possible based on our review of pending trademarks applications with the U.S. Patent and Trademark Office.
Saudi City Neom Spreads Its Cash With Investment Fund
01.11.2023 - 07:35 / skift.com / Josh Corder
Saudi Arabia’s super-city of Neom has created its own investment fund. The Neom Investment Fund will largely focus on mergers and acquisitions and venture capital in tech startups, said the organization. The Neom Investment Fund will also work with global organizations through joint ventures to boost its many sectors, including travel and tourism.
Neom is Saudi Arabia’s futuristic city being built from the ground up as a new global benchmark for sustainability, livability and tourism. The area will be home to various giga-projects, including The Line, ski destination Trojena, and super-luxury yachting island Sindalah. Should all its contracts be awarded, Neom has a total value of around $500 billion.
“The vision of Neom is to address global challenges that redefine liveability, conservation and business. As Neom’s strategic investment subsidiary, the [Neom Investment Fund] will play a critical role in converting Neom’s vision to reality,” said Nadhmi Al Nasr, chief executive of Neom.
“The [Neom Investment Fund] will enable Neom to sustain its contribution to realizing the ambitions of the kingdom over the long term, cementing its position as a driver of economic diversification and job creation.”
The 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 the city, added the fund’s chief executive, Majid Mufti.
The governments of the Middle East “must take a long-term view” to protect their tourism industries from regular regional shocks. That is the advice of Khalid Al-Rumaihi, a prominent figure in Bahraini society and the former CEO of the kingdom’s holding company, Mumtalakat.
Speaking at a conference in Riyadh last week, Al-Rumaihi said the region must brace for shocks every three years or so, such as the war between Israel and Hamas.
He said: “How can governments insulate against what’s happening in the world? You’ve got to have a long-term view. This region [the Middle East] is quite familiar with shock, we have a shock every three or four years. If you’re going to build a hotel, you need to think about it in terms of decades.”
“Governments have to adopt long-term policies. Every crisis is going to be different. Governments need to ensure they create an environment where investments feel safe. Investors should feel comfortable even in high-stress situations.”
Ennismore will deploy its 25hours brand for a standalone residential building in Dubai’s tourist hotspot Downtown district. Called 25hours Heimat – the German word for “home” – the residence will span studio, one-, two- and three-bed units. No opening date was
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