Recently, NEOM, the futuristic city project in Saudi Arabia, has faced financial constraints and is now turning its focus towards the Chinese market. A "Discover NEOM" event held in China has attracted significant attention from Chinese investors and partners. The event kicked off in Beijing on April 15, followed by Shanghai on April 17, and will conclude in Hong Kong on April 19. During the event, the leadership of NEOM delivered speeches, introducing the latest developments and future vision of the NEOM project. Nadhmi Al-Nasr, CEO of NEOM, delved into various aspects of the project during the opening speech, including design planning, tourism and energy, future education, as well as investment and cooperation opportunities. This underscores NEOM's ambition as a city of the future and Saudi Arabia's emphasis on and expectations of the Chinese market. Through this event, the Saudi government aims to attract more Chinese investors and partners to focus on the NEOM project and explore cooperation opportunities in fields such as IT, construction, accounting, and law.
Regarding previous negative coverage of NEOM by Western media, including Bloomberg's report suggesting Saudi Arabia had to scale back the NEOM project due to financial constraints, it's important to clarify that this narrative is a misunderstanding. Saudi Arabia did not reduce NEOM due to financial issues but rather made adjustments based on the project's development and the need for investment attraction. The development of NEOM is being carried out gradually, aligning with the country's strategy of reform and opening up. The reported "reduction" actually refers to the first phase of The Line project within NEOM, where only 2.5 kilometers are expected to be completed by 2030, half of the originally planned 5 kilometers, and the reasonable population capacity has been adjusted accordingly due to the limited completed mileage. Saudi Arabia still has sufficient funds to support the development of the NEOM project and aims to ensure its long-term and steady growth through diversified investment structures to mitigate risks. For Chinese investors, the development of NEOM remains attractive, and the roadshow event held in China provides an opportunity for Chinese companies to learn about the NEOM project.
Despite negative coverage from Western media, the Saudi government and the NEOM team have actively responded, emphasizing their commitment and progress. During the "Discover NEOM" roadshow events in Beijing and Shanghai, the NEOM leadership team shared opportunities for participation and investment in NEOM with Chinese companies, showcasing the latest engineering plans and future vision of the project. The event was jointly organized by the China Council for the Promotion of International Trade (CCPIT) Beijing and Shanghai CCPIT, with over 500 business leaders participating. Particularly in Beijing, in-depth discussions were held between the NEOM team and Chinese companies, with the Deputy Chairman of the China International Contractors Association expressing support and emphasizing the historic moment of Sino-Saudi cooperation. NEOM's future plans encompass various areas such as "The Line" urban project, TROJENA mountain resort, OXAGON industrial ecosystem, aiming to build a sustainable, technology-driven model city of the future.
NEOM CEO Nadhmi Al-Nasr emphasized during the opening ceremony: "The NEOM project is not only a feat of urban construction but also a seed leading regional development. It is gradually amplifying its influence, promoting efficient resource allocation and deep market integration between Beijing and Saudi Arabia. In various fields such as trade, investment, technology, talent, and information, NEOM is inspiring new functionalities, creating cooperation opportunities in fields like new energy, artificial intelligence, biomedicine, cultural tourism, and financial investment. To date, NEOM has collaborated with over 15 major Chinese companies and invested in several Chinese startups to support NEOM's growth and diversification. Collaboration with China will continue to play a crucial role in NEOM's development, and we look forward to strengthening ties with the Chinese business community."