Saudi Arabia’s NEOM expands global reach with New York office

Saudi Arabia’s NEOM has opened its first US office in New York City which will serve as a base for the giga project’s business across North America.

The new office will further strengthen the company’s existing relationships with US entities and it presents an opportunity to explore new partnerships and investments.

“We chose New York City as our second international NEOM office due to its position as a global capital for business and finance. The company has already established many investments and partnerships with US entities, and through this office, we intend to build our relationships among key industry verticals and business sectors,” said Nadhmi Al-Nasr, CEO of NEOM.

The company said close collaboration with US industries, corporations, and investors, is expected to accelerate its efforts to address global challenges by redefining livability, business, and conservation.

The giga project’s existing partnerships with US entities include NEOM Green Hydrogen Company, a joint venture with Air Products and ACWA Power, which is building the world’s largest carbon-free green hydrogen plant at a total investment of $8.4bn.

Bob Stefanowski, a seasoned financial executive who has previously held C-suite positions at General Electric, UBS and 3i Group, will lead the US Office as managing director.

NEOM goes beyond Saudi Arabia

NEOM’s latest international office at 50 Hudson Yards in Manhattan follows the launch of its London office in November 2023.

The company’s presence in the UK is expected to unlock future opportunities for collaboration as well as strengthen existing relationships while accelerating efforts to address global challenges by redefining livability, business and conservation.

Last July, Saudi Arabia’s Crown Prince and Prime Minister Mohammed bin Salman said NEOM will be partly financed through a flotation expected in 2024.

The planned mega-city secured $5.6bn (SAR21bn) in financing and finalised contracts in June to develop its workforce’s first phase of housing expansion. It is expected to have a capacity for 450,000 people by 2026 and between 1.5 and two million people by 2030, eventually housing nine million by 2045.

The $500bn futuristic city emerging in the northwest corner of Saudia Arabia is progressing forward with several core developments including Norlana, THE LINE, Trojena, Oxagon, and Sindalah as infrastructure building unfolds across the region.

Saudi Arabia’s Public Investment Fund is the cornerstone investor in NEOM, a 26,500-square-km high-tech development on the Red Sea.

Read: NEOM, Saudi Energy Ministry sign MoU on cooperation in energy fields