RIYADH, Jan. 29 (Xinhua) -- Saudi city NEOM announced on Tuesday the establishment of a closed joint-stock company under the name "NEOM," Saudi Press Agency reported.
The announcement was made after obtaining the necessary approval from the concerned authorities.
The newly-established entity is owned by the Public Investment Fund and the sovereign wealth fund of Saudi Arabia.
The company will develop a new area in the northwest of Saudi Arabia equipped with all elements to make it the best place to live and work, and a leading investment destination.
NEOM will have new cities with extensive infrastructure that includes a network of airports, an advanced seaport, industrial areas, as well as creative and innovation centers to unlock the potential of a knowledge-based economy.
The significant change in the legal status of NEOM will also allow the company to create 16 key economic sectors, including energy, water, tourism, media, and health.
