Energetica India Magazine January-February 2021

di Arabian Public Investment Fund (PIF), local as well as international investors, to be invested over the several years of development the project will take. NEOM’s main investor is PIF, one of the largest sovereign wealth funds in the world, with a diversified portfolio. PIF is a long-term investor and is committed to actively supporting the de- velopment of key economic sectors in Saudi Arabia in- cluding digital infrastructure, sustainability and tourism – all key facets of NEOM. PIF’s role is to provide the governance oversight for NEOM as it develops, to make sure it receives the capital it needs, when it needs it, and the financial muscle/influ- ence to attract other investors to participate. Its broad portfolio is also designed to support the wider aims of NEOM and Saudi Arabia in key areas of digital innova- tion, decarbonization and broader ESG goals that will drive long-term growth and spur economic diversification away from petrochemicals/oil. NEOM will offer investors and entrepreneurs alike an at- tractive environment for business and investment, all sup- ported by a progressive law compatible with internation- al norms and conducive to economic growth. THE LINE, in turn, will power NEOM as it becomes a hub for inno- vation where global business and emerging players can research, incubate and commercialize ground-breaking technologies to accelerate human progress. By when the project work has been planned to start? And in how many years it is estimated to be completed? Peter Terium : Construction of THE LINE will commence in Q1 of 2021. THE LINE is one of the most complex and chal- lenging infrastructure projects in the world and forms part of extensive development work already underway at NEOM. NEOM is a centrepiece of Saudi Vision 2030, and continuous construction and design will occur to ensure it stays at the uppermost echelon of global urban design and innovation. Share few of the companies that have already signed deals on ‘The Line’ project and in which sectors. Peter Terium : Many global companies, conglomerates and funds have expressed interest in and are seeking to partner with NEOM. As an example, NEOM’s Financial Services and Energy sectors worked together to nego- tiate a joint venture to build the world’s largest green hydrogen facility at NEOM. Two established, well-known companies, Air Products and ACWA Power, are equal partners with NEOM in a plant that will be powered by 100% renewable wind and solar sources. A project like this shows that well-respected global companies believe in the NEOM strategy and are willing to put their money behind it. Air Products provides a path for other investors and developers to consider NEOM as a globally recog- nized business partner. In a 100% clean energy powered-smart city which tech- nologies will be going to play a major role? Peter Terium : Many new technologies are being imple- mented to wide effect at NEOM. As we have advanced and seen revolutions in industry, mobility and technology reveal new possibilities, the foundation of our cities has re- mained cemented in legacy infrastructure. Modern cities can be dense, polluted, congested, loud and devoid of nature – our quality of life is compromised. But what if we could solve these challenges and reinvent the modern city? These were the issues we considered as the concept of THE LINE emerged. We wanted to assess the biggest chal- lenges facing humanity and come up with new solutions. Tackling climate change is a central part of this and THE LINE redefines sustainability in urban infrastructure. All communities will be powered 100% by renewable ener- gy thanks to a combination of wind, solar and hydrogen power generation. NEOM will be the first region built from the ground up on digital 5G technology. Technology on THE LINE will be world-leading through the creation of the world’s first cognitive communities, whose main feature is their hyper-connected nature, proactively using data to im- prove the lives of residents and businesses, far beyond the capabilities of today’s smart cities. Where current smart cities utilize less than 1% of available data, THE LINE’s cog- nitive communities will utilize over 90% of available data to minimize challenges like unemployment and hunger by proactively matching supply and demand. This use of integrated technology will also more easily defeat the spread of disease by ensuring more accurate diagnoses and faster recovery. Are you seeking some kind of support/ tie-ups with the Indian Government and companies as well? Peter Terium : Working with India, its government, its com- panies and its people is very attractive to us at NEOM and in Saudi Arabia more widely, and there are many areas for fruitful collaboration. Our efforts at NEOM and across Saudi Arabia and the work of the Indian Govern- ment as it looks at its own urban development and re- juvenation programmes share the same goal – creating environments that can combine exceptional livability, a thriving business community and sustainability. energetica INDIA- Jan-Feb_2021 15 INTERVIEW