Wednesday April 17th, 2024
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NEOM Launches Investment Arm to Support Next-Gen Tech Companies

The NIF will invest globally in technology startups with a focus on innovative growth companies and next-generation industries.

Startup Scene

NEOM Launches Investment Arm to Support Next-Gen Tech Companies

NEOM, Saudi Arabia's futuristic city project, has unveiled its investment arm, the NEOM Investment Fund (NIF), to support the development of NEOM's 14 priority sectors. The NIF will invest globally in technology startups through mergers, acquisitions and venture capital, with a focus on innovative growth companies and next-generation industries. It will also establish joint ventures and partnerships with large multinationals, institutional investors, and innovators within NEOM.

In its inaugural announcements, the NIF disclosed investments in various companies, including a $100 million investment in the US-based autonomous driving solutions provider Pony.ai. This investment will facilitate a joint venture to develop, manufacture, and deliver autonomous driving services and advanced vehicles in NEOM and key markets in the MENA region. The NIF has also participated in the Series A round of REGENT, a US seaglider manufacturer, to help shape the future of water mobility in the region. REGENT will establish an R&D and training hub to support NEOM's efforts to lead in electric seaglider technology localization.

“The vision of NEOM is to address global challenges that redefine livability, conservation, and business. As NEOM’s strategic investment subsidiary, NIF will play a critical role in converting NEOM’s vision into reality,” Nadhmi Al-Nasr, CEO of NEOM, tells StartupScene. “NIF will enable NEOM to sustain its contribution to realising the ambitions of the Kingdom over the long term, cementing its position as a key driver of economic diversification and job creation.”

The NIF will actively seek partnerships with investors and entrepreneurs working on complex global challenges, in alignment with NEOM's vision. It aims to create regional and global champion companies across NEOM's economic sectors by investing in viable projects and pioneering technologies. Furthermore, NIF looks to play a crucial role as a portfolio manager for NEOM's sector assets and companies, ensuring returns and financial sustainability.

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