ITP.net
- Middle East leading the way in Covid-19 recoveryon September 20, 2021 at 1:52 am
Rising Covid-19 cases globally has slowed economic recovery, and global GDP growth has been revised down over the last three to six months, expected to hit 6 percent, analysis from Oxford Economics shows
- Algosaibi family looks to rebuild after $7.5 billion debt dealon September 19, 2021 at 9:19 am
Ahmad Hamad Algosaibi & Brothers Co., which has been locked in legal battles and negotiations with creditors over $7.5 billion of debt since 2009, had its proposal to restructure the obligations ratified by a Saudi court
- Vegan pioneer Prince Khaled joins Canada-listed Eat Well as advisoron September 18, 2021 at 5:17 am
Saudi-based Prince Khaled is among those driving solutions at scale related to food security, human and animal welfare and climate change
- Saudi's TDF, Seera partner on first sustainable tourism projecton September 18, 2021 at 5:16 am
Raghadan Tourist Resort in Al Baha will include a luxury hotel resort to appeal to nature lovers and adventure seekers
- More global firms expected to plan Saudi expansion as entry rules easeon September 18, 2021 at 5:13 am
Foreign direct investment expert says easing of Covid restrictions on Sept 23 will accelerate market-entry and mobilisation plans
- Saudi's Sidra Capital completes $26m deal for UK officeson September 17, 2021 at 5:41 am
Sidra Capital has announced the completion of its acquisition of the HQ of Countryside Properties in Brentwood
- GII to buy health company as part of $1bn Saudi expansionon September 16, 2021 at 8:20 am
Gulf Islamic Investments LLC is looking to grow in Saudi Arabia and India ahead of a potential listing in the next three years
- SoftBank makes first Saudi deal together with Sanabil Investmentson September 15, 2021 at 12:13 pm
Proceeds will be used to fund growth in the Middle East and expansion into Asia and Africa
- Saudi Arabia further eases travel restrictions, updates entry procedures and reduces quarantine periodson September 14, 2021 at 9:49 am
Effective September 23, non-vaccinated travellers and those with Sinopharm or Sinovac vaccinations need to quarantine for five days
- Saudi private sector shrinks as Covid-19 recovery wobbleson September 13, 2021 at 9:25 am
Private sector accounted for 48 percent of economic output, compared to nearly 52 percent in the previous three-month period
Neom Saudi Arabia Mega City
NEOM is born from the ambition of Saudi Arabia’s Vision 2030 it is a $500 billion mega-city that will connect to Jordan and Egypt and be powered completely by renewable energy. In October 2017, Saudi Crown Prince Mohammed bin Salman announced the project, at the Future Investment Initiative conference in Riyadh. It will be financed by the by the Kingdom of Saudi Arabia, the Saudi Arabian Public Investment Fund, local as well as international investors.
The Neom Project a high-tech, transnational economic zone, with a mega-city 33 times the size of New York, located in the North East part of the country, bordering on Jordan and connected to Egypt through a bridge across the Gulf of Aqaba. The zone will cover 10,230-square-mile (26,500 sq km). It will target futuristic technologies NEOM will focus on nine specialized investment sectors (energy and water, mobility, biotech, food, technological & digital sciences, advanced manufacturing, media, entertainment and living as its foundation) along with luxury tourism. The focus on these sectors will stimulate economic growth and diversification by nurturing international innovation and manufacturing, to drive local industry, job creation, and GDP growth in the Kingdom. It will operate independently from the government, under a specific legal regime geared for a Western lifestyle and insulated from Islamic law. This project has a provisional budget of around 500 billion dollars. The Project Manager is a German, Klaus Kleinfeld, a former boss of the transnational Alcoa-Arconic and administrator of the Bilderberg Group. The first phase of the project is due in 2025.