Saudi Arabia’s $500 billion mega-city NEOM has unveiled a fund that aims to invest in next-generation companies and clean industries.

The NEOM Investment Fund (NIF), which will be a wholly owned subsidiary of NEOM, is targeting 14 priority sectors at launch, with an additional focus on creating new jobs.

NIF will develop joint ventures and partnerships with large multinationals, institutional investors and innovators within NEOM.

NIF announced new investments in technology companies Regent, Pony.AI, Boom Technology, BlueNalu and Animoca Brands. The details of the investments will be shared in the coming days, the company stated.

As part of its mandate, NIF will also be assuming the role of portfolio manager for NEOM’s sector assets and companies.

(Writing by Bindu Rai, editing by Daniel Luiz)