Russia's RDIF, DP World Plan To Invest In Port Construction As Part Of Neom Project - CEO

The Russian Direct Investment Fund (RDIF) and Dubai-based global port operator DP World are planning to invest in the construction of a port as part of Saudi Arabia's project for a proposed $500 billion futuristic city NEOM, RDIF CEO Kirill Dmitriev said on Monday

Al ULA (Saudi Arabia) (UrduPoint news / Sputnik - 11th February, 2019) The Russian Direct Investment Fund (RDIF) and Dubai-based global port operator DP World are planning to invest in the construction of a port as part of Saudi Arabia's project for a proposed $500 billion futuristic city NEOM, RDIF CEO Kirill Dmitriev said on Monday.

"We are considering the possibility of investing, jointly with Dubai Ports, in the construction of a port within the framework of NEOM project," Dmitriev said.

The project for the futuristic high-tech city of NEOM was announced by Saudi Crown Prince Mohammed bin Salman in 2017.

According to the project's official website, the city, described as "a future global hub for trade and innovation," will operate as an independent industrial zone with its own legislation, taxes and regulations.

Located in north-western Saudi Arabia and covering a total area of 26,500 square kilometers (approximately 10,000 square miles), NEOM will also extend into Egypt and Jordan.

Saudi Arabia plans to complete the city's first section by 2025.