A recent trip by delegates from the Federation of Indian Chambers of Commerce and Industry (FICCI), who embarked on a four-day visit (February 18-21), to NEOM City in Saudi Arabia has further strengthened economic bilateral relations between the two countries.

This is the first ever Indian delegation of chief executives (CEOs) visiting NEOM, a futuristic city built on the desert sands of Saudi Arabia. A brainchild of Crown Prince Mohammed Bin Salman, NEOM is budgeted at $1 trillion, covering over 10,000 square miles. NEOM combines two words: ‘neo’ from the ancient Greek meaning ‘new’ and ‘m’ for Mustaqbal’ meaning ‘future’ in Arabic. NEOM complements Saudi Arabia’s Vision 2030 developed by the Council of Economic and Development Affairs chaired by Deputy Crown Prince Mohammed bin Salman. The vision is built around creating a vibrant society, a thriving economy and an ambitious nation.

The FICCI delegation was led by its president Dr. Anish Shah, vice-president Anant Goenka, general secretary S.K. Pathak and 17 CEOs from various sectors. The team that was scheduled to meet HRH Prince Abdul Aziz Bin Salman Al Soud, Minister of Energy, and HE Khalid Al-Falih, Minister of Investment, Saudi Arabia, besides Deputy Ministers of the Ministry of Economy and Planning, Farah Ismail, and Rakam Al Alsheikh, also held talks with members of the Saudi-India Business Forum.
The Indian delegation’s engagement with the NEOM community could be predicted to impact tourism, innovation, research and health sectors. In NEOM’s myriad ongoing projects, the delegates saw the scope of ‘trillion-dollar opportunities’. The visit’s outcome would soon be evident exclusively in the areas of energy, infrastructure, tourism, mobility and construction.

NEOM, a hub for global industries and trade encompassing a linear city powered by renewable energy sources, was launched in 2017 to diversify Saudi Arabia’s economy and reduce its dependence on oil. Hence NEOM would be a ‘smart city’ with zero automobiles.

This significant meeting of NEOM leaders and top-level executives with the Indian delegation to explore investments and partnerships further increases the prospects of prosperity and growth of both the nations.