Neom Company: Neom City is Economic Zone Subject to Saudi Arabia Sovereignty, Regulations; Denies Comments on its Organizational Status

Monday 1443/10/15 - 2022/05/16
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Neom, May 16, 2022, SPA -- Neom Company, affiliated with Public Investment Fund, stressed that Neom city is a special economic zone that is subject to the sovereignty and regulations of the Kingdom of Saudi Arabia and is subject to all rules that are applied to any part of the Kingdom of Saudi Arabia in terms of issues related to security, defense and border protection.
The company strongly denied comments made by Head of the Tourism sector at Neom Andrew McEvoy regarding the city's organizational status according to the description attributed to him and mentioned in one of his interviews with a regional newspaper.
The company said that Neom city will enjoy some special regulations related to investment as per its strategy as part of the Saudi Vision 2030 under the supervision of His Royal Highness the Crown Prince, Chairman of the Board of Directors of the Public Investment Fund and Chairman of Board of Directors of Neom Company, to make the future city an effective drive in supporting the economy of the Kingdom of Saudi Arabia and prosperity of the region.
15:51 LOCAL TIME 12:51 GMT