NEOM, a new urban area planned by Saudi Arabia, has launched the NEOM Investment Fund (NIF), designed to support the mega-city development.
The fund will focus on investments in tech startups and next-generation industries via mergers, acquisitions and venture capital.
In addition, NIF will act as portfolio manager for NEOM’s sector assets and companies.
The NIF will also look to establish joint ventures and partnerships with institutional investors and multinationals.
One of the fund’s first moves was a $100 million investment in US-based autonomous driving company Pony.ai.
©2023 funds global mena