Saudi Arabia's sovereign wealth fund PIF (Public Investment Fund) said it has won approval from government authorities for the establishment of its $500-billion futuristic city Neom as a closed joint-stock company.

The world’s future destination for dreamers and innovators, Neom, will be listed under the name “Neom”, reported the Saudi Press Agency.

Neom is being designed as an eco-friendly environment that caters for sustainability and livability, it stated.

The significant change in its legal status will also allow the company to create 16 key economic sectors that will put it on the global investment map, which includes the future of energy, water, tourism, media, health and well-being, sport, food, mobility, biotech, manufacturing and livability, said the report.

Nadhmi Al Nasr, will serve as the CEO while the 16 sectors will be spearheaded by leading international executives and experts in their fields.

Al Nasr is a leading Saudi executive with a track record of developing mega projects including Shaybah oilfield, a giant deposit located at the heart of the Empty Quarter desert, as well as King Abdullah University for Science and Technology (KAUST), said the SPA report.

The newly-established entity is fully owned by the PIF and is responsible for achieving Neom’s vision, which is to be the land of the future, where the greatest minds and best talents are empowered to embody pioneering ideas and exceed boundaries in a world inspired by imagination, it stated.

In order to achieve Neom’s vision, the company will develop a new area in the Northwest of Saudi Arabia equipped with all elements to make it the best place to live and work; and a leading investment destination.

This area will be the land of the future that will incubate human genius in search for solutions key challenges facing humanity, it noted.

Neom will have new cities with extensive infrastructure that includes a network of airports, an advanced seaport, industrial areas, as well as creative and innovation centers to unlock the potential of a knowledge-based economy, and a range of world-class tourist destinations, it added.