neom

NEOM Overview

NEOM is an expansive urban development initiative backed by Saudi Arabia's Public Investment Fund, aiming to revolutionize urban planning through innovation and sustainability. Established in Tabuk Province, Saudi Arabia, in 2017, NEOM represents a vision of a futuristic, sustainable smart city with an estimated value of $500 billion, poised to potentially escalate to a $1.5 trillion investment including future phases. Core sectors of development involve technology and digital, tourism, energy, food, manufacturing, mobility, sports, and water management.

With approximately 20% infrastructure completed as of early 2024, NEOM's significant financial engagements include a secured revolving credit facility amounting to SAR 10 billion (around $2.67 billion), ensuring its capability to achieve key developmental goals. Among the noteworthy projects is "THE LINE," a proposed vertical city within NEOM.

NEOM is envisioned as a hub for global talent, focusing on entrepreneurship and innovation. It aims to establish novel benchmarks in sustainable urban development in line with the Kingdom of Saudi Arabia's Vision 2030.

Leadership Team

• Nadhmi Al-Nasr, Chief Executive Officer: Leading NEOM since July 2018, Al-Nasr is instrumental in steering the project's strategic execution. His past roles include chairmanship at NEOM Green Hydrogen Co. and a directorial position at Red Sea Global Co.

• Rayan Fayez, Deputy CEO: Appointed in June 2022, he oversees corporate domains such as finance, marketing, and investment operations, aligning strategic objectives with operational missions. Fayez has a robust background in finance and executive roles, including CEO positions at Savola Group and Banque Saudi Fransi.

• Jassir Al-Jassir, Chief Governance, Risk and Compliance Officer: Al-Jassir shapes critical governance and compliance frameworks, ensuring NEOM adheres to rigorous standards in corporate governance.

• Dr. Manar Al Moneef, Chief Investment Officer: She defines the investment approach, focusing on fostering and leveraging growth within NEOM, underpinned by strategic leadership and innovative investment frameworks.

• Nader Ashoor, Chief Financial Officer: His profound financial expertise from roles across significant corporate structures supports NEOM's strategic fiscal management.

• Joseph Bradley, CEO of TONOMUS: Leading the digital transformation arm of NEOM, TONOMUS, Bradley's focus is on cognitive technology, hyperconnectivity, and smart city solutions.

• Dr. Richard Bush, Chief Environment Officer: Advocating for sustainability, Dr. Bush's environmental policies guide NEOM's ecological strategies, leveraging his deep academic and leadership knowledge.

Competitor Profiling for NEOM

Key Competitors

Al-Fouzan and ICAD

Operating within Saudi Arabia, these entities compete in the regional urban development and construction segments.

Vingroup

• Location: Vietnam

• Core Business: Dominant in real estate development, including residential, commercial, and retail sectors.

• Financial Highlights:

• Revenue: Approximately $6.62 billion

• Net Income Growth: Decline of 75.44%

• Assets: $667.66 million

Brigade Group

• Location: India

• Core Business: Engaged in residential, commercial, and hospitality real estate.

• Innovations: Emphasis on sustainable growth and technological adoption through initiatives like the Brigade Real Estate Accelerator Program (REAP).

Lendlease

• Location: Australia

• Core Business: Integrated global real estate services spanning investments, development, and construction.

• Key Projects: Infrastructure developments in cities like Sydney, Singapore, and New York.

China Vanke

• Location: China

• Core Business: Leading real estate entity focusing on residential and commercial developments while prioritizing sustainable urban growth.

• Financial Metrics:

• Revenue: $65.79 billion in 2023

• Net Income: $1.7 billion in 2023

• Assets: $212.0 billion

City Developments Limited (CDL)

• Location: Singapore

• Core Business: International real estate with a comprehensive asset base incorporating residential, commercial, and hospitality components.

• Global Footprint: Active in 165 locations across 29 countries, managing Millennium & Copthorne Hotels.

NEOM faces a competitive landscape that spans both regional and global fields, with competitors focusing variously on scale, luxury, and sustainability. Leveraging the advancements in technology and ecological innovation is crucial for NEOM to distinguish itself and assert leadership in the field of avant-garde urban development.