NEOM is established as a closed joint-stock company on January 22, 2019, fully owned by the Public Investment Fund of Saudi Arabia (PIF). The project was announced to the public on October 24, 2017, by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Chairman of the PIF.
NEOM is a new destination being created in the Northwest of Saudi Arabia. Based along the Red Sea and Gulf of Aqaba, at the intersection of Asia, Europe and Africa and along one of the world’s busiest economic arteries, NEOM is strategically placed at the crossroads of the world with an area of 26,500 km2.NEOM is just an 8-hour flight from 70% of the global population.
NEOM aims to be the future of livability as its foundation, unprecedented in scope and unconstrained by history. The name "NEOM" is derived from two words. The first three letters form the Ancient Greek prefix neo- meaning “new”. The fourth letter is from the abbreviation of Mostaqbal (Arabic: مستقبل), an Arabic word meaning “future”. And as the name suggests, it will be the land of the future where the best ideas, most promising start-ups, established companies, future industries and the best talents are joined to create solutions for the key challenges facing humanity.
NEOM will be built with principles of livability and innovation at its core. Industry will focus on NEOM’s 16 economic sectors, namely future of energy, future of water, future of mobility, future of biotech, future of food, future of manufacturing, future of media, future of entertainment, culture and fashion, future of technology and digital, future of tourism, future of sport, future of design and construction, future of services, future of health and well-being, future of education and future of livability as the foundation of all the sectors.