NEOM CEO: We Will Be Model for New Economy Modern Projects, Cities

NEOM CEO Nadhmi Al-Nasr participates at the 2nd Municipal Investment Forum “FURAS” (Asharq Al-Awsat)
NEOM CEO Nadhmi Al-Nasr participates at the 2nd Municipal Investment Forum “FURAS” (Asharq Al-Awsat)
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NEOM CEO: We Will Be Model for New Economy Modern Projects, Cities

NEOM CEO Nadhmi Al-Nasr participates at the 2nd Municipal Investment Forum “FURAS” (Asharq Al-Awsat)
NEOM CEO Nadhmi Al-Nasr participates at the 2nd Municipal Investment Forum “FURAS” (Asharq Al-Awsat)

NEOM will be a model for modern projects and cities that represent the focus of the new economy, said CEO Nadhmi Al-Nasr. It will do so by embracing many different companies and industries while attracting qualitative foreign investments.

Al-Nasr pointed to NEOM’s efforts in implementing a circular economy based on model future thinking that enacts change at the level of production sectors and the standard of living. This enhances the contribution to the GDP.

He stressed that the giga project would produce 100 % clean energy on a large scale sufficient to operate at the level of NEOM’s energy needs while achieving net zero carbon emissions.

Al-Nasr pointed out that NEOM’s ambition is to build human-centered cities, which will change the global concept of traditional cities, which are usually built for cars and streets without any consideration for nature and people.

Speaking at the 2nd Municipal Investment Forum “FURAS,” Al-Nasr added that the NEOM project will redefine the concept of the city by embracing a 9 million population, and employing the city's resources, in addition to creating a new concept of environmentally friendly tourism.

He added that the project will offer several investment opportunities, various types of projects with different volume levels.

NEOM city is considered a gift from Saudi Arabia to humanity, affirmed al-Nasr.

During the Forum, Mayor of the Riyadh Region Prince Faisal Bin Abdulaziz Bin Ayyaf announced that Remat Al-Riyadh Development Company — the developmental arm of Riyadh Region Municipality — has offered the most significant investment opportunity of its kind in the region to invest in outdoor advertising in Riyadh city, in partnership with the private sector.

This investment opportunity includes building, operating, and maintaining outdoor billboards of different formats, in addition to the development of a number of digital zones.

It also focuses on operational excellence by including the highest technical, environmental, security, and safety standards; as well as comprehensive evaluation criteria to measure the expertise and capabilities of the potential investors in order to manage and operate the project with quality and efficiency, in accordance with the best international practices followed in the sector.

This is to contribute to unleash the potential of the Riyadh region by upgrading the level of municipal services and projects that aim to improve the urban landscape, raise the level of quality of life for the residents and visitors of Riyadh region, and achieve sustainability in the urban development of the region.

It is also considered the first in a series of investment opportunities launched by Remat Al-Riyadh Development Company, as it comes within the framework of what the company announced upon its launch by offering many possible investment opportunities to enable private sector participation.



Turkish Stocks Jump as PKK Disbandment Adds to Trade Relief

 People walk on a small street leads that to the historical Galata Tower in Istanbul, Türkiye, April 25, 2025. (Reuters)
People walk on a small street leads that to the historical Galata Tower in Istanbul, Türkiye, April 25, 2025. (Reuters)
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Turkish Stocks Jump as PKK Disbandment Adds to Trade Relief

 People walk on a small street leads that to the historical Galata Tower in Istanbul, Türkiye, April 25, 2025. (Reuters)
People walk on a small street leads that to the historical Galata Tower in Istanbul, Türkiye, April 25, 2025. (Reuters)

Turkish stocks jumped on Monday, bonds climbed and the lira rallied against the euro as news the Kurdistan Workers Party (PKK) militant group was ending its four decade-long insurgency in the country added to US-China trade cheer.

Global share markets were enjoying a strong surge after the US and China agreed to slash tariffs, but Turkish equities outstripped most other bourses as they jumped more than 3%.

A PKK member said it was ceasing all military operations "immediately" following the group's decision to disband, a move that could boost NATO member Türkiye's political and economic stability.

The lira was up 1.3% against the euro and steady against the dollar, while its international market bonds, which have been losing ground for the last six months, were up nearly 0.7 cents.

The PKK decision followed an appeal from its jailed leader Abdullah Ocalan in February to disband. It is set to have far-reaching political and security consequences for the region, including in neighboring Iraq and also in Syria, where Kurdish forces are allied with US forces.

Omer Celik, spokesperson for President Recep Tayyip Erdogan's ruling AK Party, said the PKK's decision to dissolve was "an important step toward a terror-free Türkiye".

There have been intermittent peace efforts over the years, most notably a ceasefire between 2013 and 2015 that ultimately collapsed.

The PKK's move should now give Erdogan the opportunity to boost spending in the mainly Kurdish southeast of Türkiye, where the insurgency has handicapped the regional economy for decades.

Analysts welcomed the PKK move but added a note of caution.

"It can only be good news," said Christopher Granville, managing director of EMEA & Global Political Research at investment advisory firm TS Lombard. "But is it decisive for the difficult Turkish investment case?"

He said the PKK issue was ultimately "secondary" to questions about Türkiye's recent arrest of Erdogan's main political rival, Istanbul Mayor Ekrem Imamoglu, and the broader direction of its macroeconomic policy.

Those concerns have weighed on Turkish markets this year.

MSCI's Türkiye equities index is down more than 13% compared to a near 8% rise in its pan-emerging market index., while lira-denominated government bonds have cost investors more than 8% on a total returns basis.

The cost of insuring Ankara's government debt using Credit Default Swaps (CDS) has also shot up, although Monday's rally saw that ease back.

"A continuation of the pullback (in CDS levels) ... may support banking stocks, which have been the negatively differentiated sector in BIST (Turkish stocks index) in the last 2 months," Garanti BBVA Yatirim's Director Ozgur Yurtdasseven said.

Turkish banking stocks were up 3.8% on the day, but remain more than 16% down on the year in lira terms and more than 20% in dollar terms.