What does NEOM mean in NASDAQ Symbols?

Neom

Neom (styled NEOM; Arabic: نيوم‎ Niyūm) is a Saudi project for a smart and tourist cross-border city. The project is located in the far north-west of Saudi Arabia. It will be constructed in Tabuk. It includes marine land located within the Egyptian and Jordanian borders. It will cover a total area of 26,500 km2 (10,200 sq mi) and will extend 460 km along the coast of the Red Sea. Saudi Arabia aims to complete the first section of NEOM by 2025. The project has an estimated cost of $500 billion. Saudi Arabia aims to raise $300 billion through an IPO of state-owned oil company Saudi Aramco. This IPO was initially planned for the second half of 2018, but Saudi Crown Prince Mohammed bin Salman stated in October 2018 that the IPO will be delayed until "late 2020, early 2021." On January 29, 2019, Saudi Arabia has announced setting up a closed joint-stock company named NEOM with $500 billion. The aim of this company that wholly owned by the Public Investment Fund, the sovereign wealth fund, is to develop the economic zone of Neom.In late 2018, after the murder of Jamal Khashoggi, Prince Mohammad admitted that “No one will invest [in the project] for years.”

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