Neom Signs $5 Billion AI Deal with DataVolt

Deal News | Feb 10, 2025 | Zawya

Saudi Arabia's NEOM has formed a major partnership with DataVolt to establish a groundbreaking artificial intelligence project worth $5 billion. The project will be located within NEOM's Oxagon industrial zone, promising a 1.5 GW net zero development, showcasing significant strides in urban and industrial innovation. The initiative is part of Saudi Arabia's ambitious efforts to diversify its economy and develop futuristic urban infrastructures. Spearheaded by Saudi investments, this agreement signifies a bold leap towards integrating AI technology on a substantial scale and enhancing NEOM as a global hub for technology and industry.

Sectors

Artificial Intelligence
Urban Development
Energy

Geography

Saudi Arabia – The project is located in Saudi Arabia's NEOM Oxagon zone, reflecting the country's economic diversification efforts.
Red Sea Region – NEOM is a Red Sea urban development, strategically positioned in this crucial geographical area.

Industry

Artificial Intelligence – The project focuses on developing AI technology, marking significant advancement in the AI sector.
Urban Development – NEOM is an urban and industrial development, and the project is part of its strategic growth.
Energy – The initiative involves a 1.5 GW net-zero energy component, aligning with Saudi Arabia's energy strategy.

Financials

$5 billion – The total investment amount for the AI project in NEOM's Oxagon zone.

Participants

Name	Role	Type	Description
NEOM	Target Company	Company	An ambitious Saudi Arabian development project focusing on urban and industrial innovation.
DataVolt	Partner	Company	A company involved in technology and data solutions, now partnering with NEOM for this AI initiative.
Saudi State News Agency	Source	Government	The official news agency reporting on the agreement.
Menna Alaa El-Din and Nayera Abdallah	Reporters	People	Journalists reporting on the agreement.