Saudi Arabia changes legal status of planned USD 500 bn economic zone

Saudi Arabia has set up NEOM, a planned $500 billion mega economic zone, as a closed joint-stock company fully owned by the Public Investment Fund, Saudi state news agency SPA reported on Tuesday. The change in the legal status of NEOM will allow the company to create 16 economic sectors, SPA said. Saudi Arabia said this month it plans to start developing the first area of NEOM in the first quarter of 2019.