DUBAI: Saudi Arabia has established a company to develop NEOM, the planned $500 billion mega-city set to be built in the northwest of the Kingdom, it was announced on Tuesday. The closed joint-stock NEOM Company will be fully owned by the Public Investment Fund, the sovereign wealth fund of Saudi Arabia. It will develop the vast NEOM project, which will include multiple cities, airports, a seaport, tourist areas, industrial complexes and “innovation centers.” ------- READ MORE: Saudi Arabia to start first phase of Neom project First phase of NEOM construction underway NEOM builds future as composition of global advisory board announced -------- The change in the legal status of NEOM will also allow it to pursue ventures in 16 key economic sectors, including energy, water, tourism, media and health. Nadhmi Al-Nasr will serve as the CEO of NEOM, according to the statement.  #Saudi Arabia’s #NEOM — a destination fit for a king https://t.co/zQn3DETNgU @discoverneom pic.twitter.com/kvoJ502ILk — Arab News (@arabnews) July 31, 2018 “The new entity will have a unique and historical role to play as it will be responsible for developing a new global destination from scratch on a huge area and a futuristic civilization that is based on sustainability and livability,” he said. “All this aims to turn NEOM into a global center for attracting investment, knowledge, innovation and technology in order to compete with all economic capital cities.” The NEOM project — which was announced by Crown Prince Mohammed bin Salman in 2017 — is expected to create thousands of jobs. Saudi Arabia announced on Jan. 16 that it was to start developing the first urban area of the project. Chaired by the crown prince, the founding board approved the masterplan concept for NEOM Bay, which will include homes, lifestyle and tourist facilities, and “innovation centers.” It is expected to focus on luxurious living, and will include high-end hotels and villas.