NEOM initiates investment division to back emerging Tech enterprises

Saudi Arabia's visionary city project, NEOM, has launched its investment branch, the NEOM Investment Fund (NIF), dedicated to fostering growth in NEOM's 14 primary sectors. The NIF's global investments in tech startups will encompass mergers, acquisitions, and venture capital, emphasizing groundbreaking industries and up-and-coming businesses. Furthermore, NIF will collaborate with prominent multinationals, institutional financiers, and innovators within NEOM.

In its initial announcements, NIF revealed its investments in several firms. This includes a substantial $100 million investment in the US's autonomous vehicle solutions firm, Pony.ai. This collaboration will pave the way for creating and offering independent driving services and cutting-edge vehicles in NEOM and other major MENA markets. Furthermore, NIF has also invested in the Series A funding of REGENT, an American seaglider producer. This partnership aims to revolutionize water transportation in the region, with REGENT setting up a research and training center to further NEOM's leadership in electric seaglider tech.

Nadhmi Al-Nasr, NEOM's CEO, shared with StartupScene, "NEOM's mission is to tackle global issues, transforming the concepts of habitability, preservation, and business. As an extension of NEOM, NIF is pivotal in making this vision tangible. Through NIF, NEOM can continue its role in realizing Saudi Arabia's aspirations, solidifying its stature as a central force in job generation and economic diversity."

NIF is poised to collaborate with investors and visionaries addressing intricate global problems, mirroring NEOM's overarching goals. The fund aims to sculpt regional and international frontrunner businesses within NEOM's economic realms by injecting capital into promising initiatives and groundbreaking tech. Additionally, as NEOM's primary portfolio overseer, NIF intends to ensure financial robustness and returns.