Saudi Arabia will tap sovereign wealth funds in the region and globally in the fourth quarter of this year to raise part of the remaining financing
Saudi Arabia’s Crown Prince Mohammed bin Salman said on Monday his $500-billion flagship project NEOM, a huge economic zone eventually meant to house nine million people, will be partly financed through a flotation expected in 2024.
Saudi Arabia will tap sovereign wealth funds in the region and globally in the fourth quarter of this year to raise part of the remaining 600 billion riyals, which will also be funded through private sector investment and an initial public offering that is expected to take place in 2024, he said. The kingdom’s sovereign wealth fund is the cornerstone investor in NEOM, a 26,500-square-km high-tech development on the Red Sea with several zones, including industrial and logistics areas.
“NEOM will add a trillion riyals to the Saudi stock market value. At least 1.2 trillion in the beginning and the overall will increase after project completion to exceed 5 trillion,” he was quoted as saying on state-owned al-Ekhbariya TV. The Line is envisioned as a 200-meter-wide series of “modules” for different urban uses sandwiched between two 500-meter-high, 170-km-long mirrored exterior facades that cut through a vast array of desert and mountains. There will be hanging pathways, gardens and even a stadium.
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