Neom, the Saudi Arabian urban development being forged out of the desert, quietly announced last week that as part of the launch of its investment fund it had added Boom Technology, the aspiring supersonic airliner startup, to its first slate of recipients.
Few specifics were immediately available about the investment, including its size and scope, but the Neom Investment Fund (NIF) in its October 24 announcement promised that details “will be shared in the coming days.” A spokeswoman for Boom said that it is planning on offering further details on the Neom investment later this week.
The Kingdom under Crown Prince Mohammed Bin Salman is in the process of massively expanding its aviation-centric investments, establishing new global carrier Riyadh Air with an order for up to 72 Boeing 787-9s and plans to launch operations in 2025, in a bid to diversify its economy away from its traditional reliance on oil revenues and compete with nearby airline giants in Turkey, Qatar and the United Arab Emirates. Saudia, the country’s flag carrier, in March also ordered up to 49 787-9s and 10s for its fleet.
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