Riyadh – Mubasher: Saudi Arabia’s $500 billion mega-project NEOM is expected to contribute in boosting the nation’s economy through "reducing leakages", CEO Nadhmi Al Nasr stated on the sidelines of the third day of Future Investment Initiative (FII).

The project is expected to attract a major number of investors, he said, explaining the NEOM would provide the most attractive and luxurious living environment internationally.

NEOM will be "the home of a new kind of business environment," Al Nasr went on.

Organised by Saudi Arabia’s Public Investment Fund (PIF), the FII conference began in Riyadh on Tuesday and will end on Thursday, 25 October.

In October last year, Saudi Crown Prince Mohammed bin Salman announced a plan to launch a $500 billion city in the North West region of the kingdom.

In the first day of the investment event dubbed “Davos in the Desert”, Aramco signed 15 memorandums of understanding (MoUs) with a total value of $34 billion, including a deal with French oil major Total to build a joint venture (JV) for manufacturing industries.