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Saudi Arabia’s NEOM develops its own investment fund

The investment fund will directly invest in companies that pilot and scale-up in NEOM, and eventually reach globally.

Saudi Arabia’s NEOM develops its own investment fund
[Source photo: Anvita Gupta/Fast Company Middle East]

NEOM has introduced the NEOM Investment Fund (NIF), its strategic investment arm, a wholly owned subsidiary that supports the growth and development of NEOM’s 14 priority sectors and contributes to job creation.

NIF will primarily focus on global investments through mergers and acquisitions and venture capital investments in technology startups to drive growth in next-generation industries. The investment fund also intends to establish joint ventures and partnerships with major multinational companies, institutional investors, and innovators within NEOM.

NIF has already outlined its intentions to invest in companies such as Regent, Pony.AI, Boom Technology, BlueNalu, and Animoca Brands. Specific details regarding these investments will be disclosed in the coming days.

“As NEOM’s strategic investment subsidiary, NIF will play a critical role in converting NEOM’s vision to reality. NIF will enable NEOM to sustain its contribution to realizing the ambitions of the Kingdom over the long term, cementing its position as a key driver of economic diversification and job creation,” says Nadhmi Al-Nasr, CEO of NEOM.

Majid Mufti, the CEO of NEOM Investment Fund, has elaborated on the NIF’s strategy, emphasizing its aim to align NEOM’s development objectives with innovators and institutional investors. The overarching goal is to foster a thriving economy within 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,” Mufti adds.

To expedite this transformation, NIF will actively explore and develop investment opportunities for the private sector. The investment fund will also take on the portfolio manager role for NEOM’s sector assets and companies.

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