Autonomous Vehicle

NEOM investment fund backs with $100M for AVs

NEOM, Kingdom of Saudi Arabia, October 25, 2023 NEOM announces an investment of USD 100 million, through the NEOM Investment Fund (NIF), into, an autonomous driving company. Additionally, NEOM and will establish a joint venture for autonomous technology solutions for the region. They will collaborate to create, produce, and provide self-driving services, cutting-edge vehicles, and intelligent vehicle infrastructure in NEOM. They will also target key markets in Middle East and North Africa for the implementation of their services and products.

Majid Mufti, CEO of NIF said: “This investment aligns with the ambitious plans announced by NEOM. The plans aim to achieve autonomous transportation solutions for the region.’s autonomous driving technology is already available today. Furthermore, we are excited to be able to utilize it in NEOM in the near future.” 

Terry Wong, Executive Director, Land Mobility, NEOM, said: “The investment in is an essential part of our ambitious plans to build a smart, zero-emission, autonomous multi-modal transport system, connecting people and communities across NEOM. Moreover, we aim to incubate new technologies for the benefit of the world. With this investment, we are moving ever closer towards a new future for commuters and travelers. This future promises to be safer, more convenient, and more sustainable.” 

The far-reaching and industry-transforming joint venture will include a local state-of-the-art autonomous vehicle manufacturing and R&D facility. Furthermore, NEOM is an ideal strategic industrial location for the development of’s autonomous vehicle technology within the region.

Dr. James Peng, Co-Founder and CEO at, added: “We delight in partnering with NEOM. We aim to combine’s world-class autonomous driving technology and operations experience with NEOM’s vision to be the ‘the land of the future, where the greatest minds and best talents are empowered to embody pioneering ideas’. Our goal is to develop, manufacture, and deliver autonomous mobility services and vehicles to the region. We believe this collaboration will lead to significant advancements in the field of autonomous transportation. Moreover, as a leading global autonomous driving technology company, this major regional expansion for is a milestone for our global aspirations and our vision of ‘autonomous mobility everywhere’. Additionally, it will advance the development of the global AV industry into a new stage.”

NEOM’s distinct regional development creates a global living lab, advancing autonomous mobility in its sustainable multi-modal transport system. It is powered by 100% renewable energy. Moreover, since we built NEOM from the ground up without the challenge of existing infrastructure, NEOM offers the ideal environment for refining and implementing cutting-edge autonomous mobility solutions on land, sea, and air. NEOM builds on its previous investments in eVTOL technologies. It also builds on its previous investments in electric seaglider technologies. operates fully driverless vehicles in Beijing and Guangzhou. It is amongst the first in China to obtain licenses to operate fully driverless vehicles in all four Tier-1 Cities in China (Beijing, Guangzhou, Shanghai, and Shenzhen).

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