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NEOM’s First Stage Field Survey Completed

Visitors watch a 3D presentation during an exhibition on NEOM, a new business and industrial city, in Riyadh, Saudi Arabia. Reuters file photo
Visitors watch a 3D presentation during an exhibition on NEOM, a new business and industrial city, in Riyadh, Saudi Arabia. Reuters file photo
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NEOM’s First Stage Field Survey Completed

Visitors watch a 3D presentation during an exhibition on NEOM, a new business and industrial city, in Riyadh, Saudi Arabia. Reuters file photo
Visitors watch a 3D presentation during an exhibition on NEOM, a new business and industrial city, in Riyadh, Saudi Arabia. Reuters file photo

The National Program for Community Development (Tanmia) has completed field survey works for real estate located within the first phase of the NEOM project.

The survey in the northwestern region of the Kingdom, which began in mid-February, allowed NEOM to become free from any ownership restrictions or private rights.

This stage precedes the start of real estate appraisal and the payment of fair and remunerative compensation in preparation for receiving real estate from original owners.

Tanmia - a government agency concerned with communicating with beneficiaries at community development operations sites - will follow up the transition phase, to ensure the provision of a number of additional social and economic packages for the landlords.

Last year, NEOM launched the first stage of projects and began in August building the residential area, by awarding construction, financing and operating contracts for housing complexes to two Saudi companies.

NEOM was established as a closed joint stock company in January 2019, and it is fully owned by the Public Investment Fund.

The company announced it would rely on a modern technology that uses solar energy to produce clean, low-cost fresh water in a way that is environmentally friendly and carbon neutral, as a step to enhance the position of the project as a new global destination, and a promising center for innovation and environmental conservation.

In January, the company launched NEOM academy, which aims to develop the national manpower and create thousands of job opportunities for the members of the local community, with the aim of contributing to the Kingdom’s Vision 2030.

NEOM signed with the Technical and Vocational Training Corporation, a special memorandum of understanding, which contributes to providing training for about 6,000 Saudi citizens, who will later obtain suitable jobs within the many opportunities that the project will offer.

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Saudi EXIM Hosts Global Risk Experts Meeting in Riyadh

The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
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Saudi EXIM Hosts Global Risk Experts Meeting in Riyadh

The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA

The Saudi Export-Import Bank (Saudi EXIM) hosted the Berne Union's Country Risk Specialist Meeting, providing a platform for experts and thought leaders in risk management from the export credit community.
At the meeting, which took place from November 19 to 21 in Riyadh, the attendees exchanged best practices to better protect the industry amid shifting global dynamics.
According to a statement issued by the Saudi EXIM on Saturday, the event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions.
By strengthening institutional resilience, the industry is ready to turn global economic challenges into opportunities for economic prosperity, said the statement, adding that it played a crucial role in advancing global trade, strengthening international cooperation, and developing credit solutions that empower export activities while controlling risk, SPA reported.
According to the statement, discussions centered on critical risks impacting international trade and the global economy, such as debt sustainability and geopolitical tensions, along with innovative approaches to risk modelling. Participants also explored the global shifts in infrastructure, energy and critical minerals sectors, and were given an overview of Saudi Arabia's National Industrial Strategy, which focuses on economic diversification through investments, developing new sectors, and promoting local industries.
In his opening remarks, Saudi EXIM CEO Eng. Saad bin Abdulaziz Al-Khalb said the meeting is an ideal platform to address risks impacting global economic decision making.
He stated: "Through such meetings, we can turn challenges into strategic opportunities and enhance our resilience in an ever-changing world. At Saudi EXIM, we remain committed to enabling companies by offering expert financial and non-financial solutions to navigate risks effectively."
He also said that "at Saudi EXIM, we place great emphasis on risk management. In alignment with the main objective of this meeting, I am pleased to announce the completion of our independent country risk model, which is supported by advanced modelling tools and machine learning. This model will provide country ratings and predictions of default risks. We look forward to collaborating with our partners in other export credit agencies to exchange knowledge and expertise, and to strengthening our risk management functions with greater responsibility and effectiveness."
Associate Director at Berne Union Eve Hall said: "The global risk landscape today is highly volatile and highly interconnected. As we navigate our way around the ongoing transformations connected to energy transition and shifting industrial strategies, the traditional concept of 'country risk' is becoming increasingly complex. Our industry excels at understanding, quantifying and pricing these risks, and by bringing together this community of experts for technical exchange the Berne Union is able to help support the development of the industry as a whole. The initiatives announced by our colleagues at Saudi EXIM, making use of new technology in risk analysis, provide a fantastic example of where collaboration in this field can be effectively applied."
The statement disclosed that Saudi EXIM's membership in Berne represents a significant strategic step, and is consistent with the Kingdom's commitment to expanding collaboration and integration in the global economy.
This is achieved by building partnerships with leading institutions to address the challenges facing the export credit sector. It also aligns with the bank's goal of developing the export of national products and services through partnerships with national and international financial and funding organizations.
Berne Union works with global trade organizations to encourage the adoption of best practices in export credit insurance, and to cooperate in maintaining the stability of global trade.
Saudi EXIM, a development bank under the National Development Fund, contributes to diversifying the Kingdom's economic base by improving the efficiency of non-oil export ecosystems, bridging financial gaps, and minimizing export risks. This plays a role in helping the non-oil national economy grow, in line with Vision 2030.