UPDATE 1-Saudi NEOM set up as joint stock company run by state fund - SPA | Reuters:
Saudi Arabia has set up a closed joint-stock company, called NEOM, that aims to develop a $500 billion economic zone and which will be owned by the government’s Public Investment Fund, the state news agency SPA reported on Tuesday.
NEOM is part of Crown Prince Mohammed bin Salman’s Vision 2030 plan that aims to attract foreign investment and create jobs in a bid to wean the kingdom off reliance on oil.
The new legal status of NEOM will enable the company to create 16 key economic areas, including energy, manufacturing and tourism, SPA said.
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