ɪt wʌz fˈaʊndᵻd ɪn nˈɔːɹθ nˌɪkəsˈiːə ɪn nˈaɪntiːnhˈʌndɹɪd ˈeɪɾi ˈeɪt, baɪ sˈuːæt ɡˈuːnsəl, ɐ tˈɜːkɪʃ sˈɪpɹɪət hˌuː ɪz ðə wˈʌnhˈʌndɹɪd pɚsˈɛnt ˈoʊnɚɹ ʌv ˌɛnˌiːjˈuː.
It was founded in North Nicosia in 1988, by Suat Günsel, a Turkish Cypriot who is the 100% owner of NEU.