Neom - Arabian Gulf Business Insight

Neom City Mega Development

Neom City is a large-scale development project located in the northwest of Saudi Arabia. It encompasses several giga-projects, including The Line, Trojena, Sindalah, Zardun, Aquellum, and Epicon. These subsidiary projects form part of the ambitious Neom vision for the region.

Investment Strategy Updates

Yasir Al Rumayyan, governor of Saudi Arabia’s Public Investment Fund, announced that the fund is finalizing a revised investment strategy for Neom. This strategy aligns with a broader focus on six major development areas within the kingdom.

Saudi Arabia’s Public Investment Fund

In March, Arabian Gulf Business Insight (AGBI) reported that the fund had mandated spending reductions on certain initiatives as part of its investment realignment.

Expansion of Red Sea Global

John Pagano, CEO of luxury resort developer Red Sea Global, revealed plans to extend the company’s operations beyond Saudi Arabia. The first international project will focus on tourism and hospitality in Italy.

Pagano also announced that he will join the board of Neom, the kingdom’s mega-project.

Ownership and Background

Red Sea Global is owned by Saudi Arabia’s $1 trillion Public Investment Fund, highlighting the kingdom’s commitment to diversifying its economy and globalizing its development initiatives.

“The plan is part of the fund’s wider shift to concentrate on six major development areas,” Yasir Al Rumayyan stated.

Author’s summary: Neom City, a key Saudi giga-project, is advancing its investment strategy amid expanded leadership and global tourism ambitions by stakeholders like Red Sea Global.

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

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