00:00So far, what is being circulated about the cancellation of projects in NEOM is not accurate.
00:05No projects have been cancelled.
00:07However, the company has been directed to rearrange its priorities.
00:11There is a common perception that the line represents NEOM in its entirety,
00:16whereas in reality it is just one of the projects under NEOM.
00:20Is it necessary for the line to be completed by 2030?
00:23I don't think so.
00:25It's good to have, but it's not a must-have.
00:27The must-have is the industrial zone Oxagon,
00:30which includes a port for commercial shipping and trade,
00:33multiple data centers, and hosts a number of local and foreign investors.
00:38Based on our strategy and the ecosystems we operate within,
00:42Oxagon is currently the most suitable focus for investment,
00:45while some other projects within NEOM may be deferred.
00:49As for deferrals, these are managed through directives given to our companies, including NEOM,
00:54within the framework of an integrated ecosystem under the vision portfolio.
00:59The company itself evaluates these directives after receiving guidance from its board and the funds board,
01:05and we then await the company's plan on how to achieve all or part of the objectives
01:10in the most financially efficient way possible.
01:14Historically, most of the fund's projects, especially in mega-projects, infrastructure and real estate,
01:19were fully funded through equity from the fund.
01:23But is this the optimal approach?
01:26Certainly not.
01:27This aligns with our current strategy, which aims to achieve the same objectives,
01:32or a significant portion of them, with less capital.
01:35As an economic catalyst, we initially assumed the early-stage risks by developing the infrastructure.
01:42Once that phase is completed, it becomes much easier for the private sector,
01:46both locally and internationally, to step in and invest.
01:50For example, it would be extremely difficult for any private investor to initiate a project
01:55on the scale of NEOM or the Red Sea projects, given that their scope is comparable to entire countries,
02:01and in some cases even larger than certain European or Middle Eastern nations for a single company.
02:07Therefore, it is impossible for any private sector investor, whether local or international, to initiate.
02:13However, we initiated by putting infrastructure in place.
02:16And now, the Red Sea, most people, whether local or international, saw on the ground what offerings are in place,
02:23improved investor understanding and consequently, increased interest.
02:28Today, we are seeing growing demand from both local and international investors to participate in these projects.
02:35I recently met with one of the largest American investment management firms and they said,
02:39we understand infrastructure and we like it and want to invest in it.
02:44We have also observed that investors tend to invest in sectors they understand.
02:48As a concept, the Red Sea, or Roshan, are unprecedented in the entire world.
02:54As these projects evolve and become more concrete, investment decisions become much easier for them to make.
03:01They can grow more in the world.
03:03The Red Sea is a huge part of everything.
03:04New际 Between theешь and the Red Sea
03:04The Red Sea is a huge part of everything that has been built in the inside of the country.
03:04We are in the nearing sector that's important to preserve the infrastructure.
03:05The Red Sea, is the attention that we are dealing with as questions about.
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