DP World to support US$500 billion Saudi project

RIYADH, Saudia Arabia: October 26, 2017. Speaking at the Future Investment Initiative this week, DP World chairman and CEO Sultan Ahmed Bin Sulayem expressed his support for plans to build a US$500 billion business and industrial zone linking Saudi Arabia with Jordan and Egypt.

DP World chairman and CEO Sultan Ahmed Bin Sulayem According to Saudi Crown Prince and deputy Prime Minister Mohammad bin Salman Al-Saud, the initiative will establish a new urban ecosystem stretching 21,500 sq. km. along Saudi Arabia's northwest Red Sea coast and will be as transformative to cities as the smartphone was to telephones.

Entitled 'NEOM' - an acronym derived from the Latin word for 'new' and the Arabic word 'Mostaqbal' or 'future' - the region will be powered by wind and solar energy and, according to the Crown Prince, provide many opportunities for businesses to participate, "but we will work only with the dreamers - people who want to create something new in the world," he declared.

Bin Sulayem (center of picture) said DP World's plans for Jeddah Port would support the project as 10 percent of world trade will pass through NEOM.

"As the first major investor in Jeddah Port for almost 20 years now, we are committed to supporting the Kingdom's effort to leverage its resources and investment capabilities."

He said making the port a semi-automated facility to create skilled jobs for Saudi nationals would transform it into an important gateway to markets serving 500 million people.

"Trade and infrastructure are key pillars in diversifying economies supported by technology and automation as we've seen at our Jebel Ali Port and Freezone, which together contribute to over 20 percent of Dubai's GDP. Logistics corridors are another way of making life easier for business," he added.

Jeddah Port is currently Saudi Arabia's main trade gateway, handling 59 percent of its ocean imports by volume.

Backed by more than $500 billion by the Kingdom of Saudi Arabia, the Saudi Arabian Public Investment Fund and international investors. NEOM 's contribution to the country's GDP is projected to reach US$100 billion by 2030.