Cabinet lauds ambitious NEOM launch

Saudi Gazette report

RIYADH – The Council of Ministers on Tuesday lauded the launching of the ambitious NEOM project by Crown Prince Muhammad Bin Salman, deputy premier and minister of defense.

Custodian of the Two Holy Mosques King Salman chaired the weekly session of the Cabinet at Al-Yamamah Palace here.

Minister of Culture and Information Awwad Al-Awwad said in a statement to Saudi Press Agency following the session that the Cabinet noted the announcement of the Crown Prince about the project, which will focus on nine specialized investment sectors targeting the future of human civilizations with the financial support of more than $500 billion by the Kingdom’s Public Investment Fund (PIF) in addition to local and international investors over the coming years.

NEOM, the world’s first independent special zone stretching over three countries, will be located on the northwest of the Kingdom on an area of 26,500 sq. km overlooking from the north and west the Red Sea and the Gulf of Aqaba with a length of 468 km surrounded from the east by mountains with a height of 2,500 meters. The Council also hailed the landmark Future Investment Initiative, kickstarted in Riyadh on Tuesday.

At the outset of the session, King Salman briefed the Cabinet on the outcome of his fruitful talks with Iraqi Prime Minister Haider Al-Abadi and the first meeting of the Saudi-Iraqi Coordination Council.

Inaugurating the meeting, the King had emphasized the historic ties between the Kingdom and Iraq.

The monarch hoped that the council meeting would contribute to widening the bilateral ties to broader horizons. He also underlined the need for complete coordination among the Kingdom, the United States and Iraq to counter the serious challenges facing the region such as extremism, terrorism and attempts to destabilize the countries in the region.

The Cabinet welcomed the Saudi Iraqi joint statement that underscored the need to further strengthen economic and trade relations and develop partnership between the private sectors in both the countries.

The Cabinet also highlighted the significance of the major agreements reached between the two sides, including opening of border points and developing ports and roads.

Al-Awwad said the Cabinet hailed the King’s order to establish King Salman Hadith Complex in Madinah.

The Council condemned in the strongest terms the recent terrorist attacks and suicide bombings that claimed the lives of scores of people and injury of many others in Giza in Egypt, Quetta in Pakistan as well as in Afghanistan. Al-Awwad said the Cabinet approved the law to combat money laundering.