Boom set to add Saudi Arabia’s Neom to slate of supersonic investors

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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.

Related: Riyadh Air will be as successful as MBS wants it to be

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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Jon Ostrower
Jon Ostrower is Editor-in-chief of The Air Current, where he leads coverage of the global aerospace and aviation industries. Prior to launching TAC in June 2018, Mr. Ostrower served as Aviation Editor for CNN Worldwide, guiding the network’s global coverage of the business and operations of aviation. Mr. Ostrower joined CNN in 2016 following four and a half years at the Wall Street Journal. Based first in Chicago and then in Washington, D.C., he covered Boeing, aviation safety, and the business of global aerospace. Before that, Mr. Ostrower was editor of FlightBlogger for Flightglobal and Flight International Magazine covering the development of the Boeing 787 Dreamliner and other new aircraft programs from 2007 to 2012. He is also an instructor at the University of Southern California in the Viterbi School of Engineering's Aviation Safety and Security program. Mr. Ostrower, a Boston native, graduated from The George Washington University’s School of Media and Public Affairs with a bachelor’s degree in Political Communication. He is based in Seattle.
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