17/04/2026 08:54 AST
Saudi Arabia's Public Investment Fund (PIF) Governor Yasir Al-Rumayyan said NEOM projects are presently being restructured to achieve higher economic efficiency and long-term financial sustainability.
"These initiatives will be rolled out in stages to ensure that objectives are met in a measured, sequential manner," the governor said as he unveiled PIF's 2026-2030 strategy at a press conference in Riyadh.
He added that NEOM's roadmap is built on disciplined, phased execution and commercial-feasibility-driven prioritisation, with the current phase centered on Oxagon as the primary economic and industrial engine. Oxagon will host a world-class port, an integrated industrial district, cutting-edge data-center facilities and renewable-energy assets, establishing the launchpad that will energize the wider NEOM system and attract global investors, talent and corporations.
The NEOM ecosystem, he said, was designated as an independent ecosystem within PIF's five-year strategy to underscore the depth of PIF's commitment to the project and grant NEOM the flexibility and autonomy needed to make rapid, strategic decisions that match the scale of its challenges and opportunities.
Al-Rumayyan said that this classification also reflects PIF's recognition of NEOM's complexity, a fully integrated economy that spans energy, industry, ports, logistics, artificial intelligence, data centers, tourism, entertainment, education, health and smart urban development, requiring a governance framework comparable to the world's most advanced integrated economic zones.
In an interview with Al Arabiya Business, Al-Rumayyan said no projects in NEOM have been cancelled so far, adding that the project company has instead been instructed to reprioritise its spending.
Al-Rumayyan added that there is a common misconception that The Line represents NEOM as a whole, when in fact it is just one of several projects under the NEOM umbrella. He stressed the need to distinguish between what constitutes a valuable addition to NEOM and what is considered a core component of the overall project.
He said the Oxagon industrial zone is a fundamental part of NEOM due to its scale and its impact on the project as a whole.
Al-Rumayyan said that the next phase will focus on delivering major projects with a reduced financial contribution from the Public Investment Fund.
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