Neom - Arabian Gulf Business Insight

Neom City: Saudi Arabia's Mega-Development

Neom City is an ambitious mega-development located in the northwest of Saudi Arabia. It comprises several giga-projects, including The Line, Trojena, Sindalah, Zardun, Aquellum, and Epicon.

Investment Strategy and Governance

Yasir Al Rumayyan, governor of Saudi Arabia’s Public Investment Fund (PIF), announced that the fund is nearing approval of a revised investment strategy for Neom. This update aligns with the PIF’s broader shift to focus on six major development sectors.

Spending Adjustments

Earlier reports in March by Arabian Gulf Business Insight (AGBI) highlighted that the PIF has ordered spending cuts in certain areas to better align resources with strategic priorities.

Expansion of Luxury Tourism

John Pagano, CEO of luxury resort developer Red Sea Global (RSG), revealed plans to extend operations beyond Saudi Arabia. Their first international project will target tourism and hospitality in Italy. Pagano will also join the board of the Neom mega-project, further linking RSG with Saudi Arabia’s significant developments.

"Saudi Arabia’s Public Investment Fund is in the final stages of approving a revised investment strategy for the Neom giga-project," Yasir Al Rumayyan said.
"Red Sea Global plans to expand beyond Saudi Arabia, with a first project abroad focused on tourism and hospitality in Italy," said John Pagano.

Author’s summary: Neom City is a transformative Saudi mega-project advancing under a revised investment strategy, with key partnerships expanding its luxury tourism reach internationally.

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Arabian Gulf Business Insight | AGBI Arabian Gulf Business Insight | AGBI — 2025-11-02

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