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.



US Treasury Chief Dismisses Moody’s Downgrade amid Trump Tax Cut Debate

US Treasury Secretary Scott Bessent speaks during a news conference in Geneva on May 12, 2025, to give details of "substantial progress" following a two-day closed-door meeting between US and China top officials aimed at ending a devastating tariff war. (AFP)
US Treasury Secretary Scott Bessent speaks during a news conference in Geneva on May 12, 2025, to give details of "substantial progress" following a two-day closed-door meeting between US and China top officials aimed at ending a devastating tariff war. (AFP)
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US Treasury Chief Dismisses Moody’s Downgrade amid Trump Tax Cut Debate

US Treasury Secretary Scott Bessent speaks during a news conference in Geneva on May 12, 2025, to give details of "substantial progress" following a two-day closed-door meeting between US and China top officials aimed at ending a devastating tariff war. (AFP)
US Treasury Secretary Scott Bessent speaks during a news conference in Geneva on May 12, 2025, to give details of "substantial progress" following a two-day closed-door meeting between US and China top officials aimed at ending a devastating tariff war. (AFP)

Treasury Secretary Scott Bessent on Sunday dismissed Moody's downgrade of the US sovereign credit rating, as the Republican-controlled Congress tried to push ahead on President Donald Trump's sweeping tax-cut bill.

Bessent, in a pair of television interviews, said the bill's provisions extending the 2017 tax cuts passed under Trump's first term would spur economic growth that would outpace what the nation owed, even as nonpartisan analysts warn the measure it would add trillions to the federal government's $36.2 trillion in debt.

"I don't put much credence in the Moody's" downgrade, Bessent told CNN's "State of the Union" program.

The House of Representatives Budget Committee on Friday rejected the bill, with a handful of Republican hardliners saying they were concerned it did not sufficiently cut spending.

House Speaker Mike Johnson separately said on Sunday the chamber is still "on track" to pass the bill. The committee is set to try again in a rare Sunday night hearing, set to begin at 10 p.m. ET (0200 GMT Monday).

"We've had lots of conversations. We'll have more today," Johnson said on "Fox News with Shannon Bream" when asked about hard-line Republicans Chip Roy and Ralph Norman demanding more spending cuts.

Congressional Republicans in 2017 also argued that the tax cuts would pay for themselves by stimulating economic growth. But the nonpartisan Congressional Budget Office estimates the changes increased the federal deficit by just under $1.9 trillion over a decade, even when including positive economic effects.