Saudi’s NEOM set up as joint stock company owned by wealth fund

The change in the legal status of NEOM will allow the company to create 16 economic sectors



Saudi Arabia has set up NEOM, a planned $500bn mega economic zone, as a closed joint-stock company fully owned by the Public Investment Fund, Saudi state news agency SPA reported on Tuesday.

The change in the legal status of NEOM will allow the company to create 16 economic sectors, SPA said.

Saudi Arabia said this month it plans to start developing the first area of NEOM in the first quarter of 2019.

Read more: Saudi to begin construction at $500bn NEOM development in 2019