Saudi crown prince says NEOM business zone will be listed in 2024
Gulf Times
A handout picture provided by Saudi's NEOM on July 26, 2022 shows the design plan for the 500-metre tall parallel structures, known collectively as The Line, in the heart of the Red Sea megacity NEOM.
Saudi Arabia's Crown Prince Mohammed bin Salman said on Monday that his $500 billion flagship project NEOM, a mega economic zone, will be partly financed through a flotation expected in 2024.
The city's first phase is set to cost 1.2 trillion riyals ($319.39 billion), half of which will come from the kingdom's sovereign wealth fund, the Public Investment Fund, he said.
The crown prince was speaking to reporters, architects, investors and others on Monday attending a presentation that provided updates on its project The Line, a key part of the NEOM development.
Saudi Arabia will tap sovereign wealth funds 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.
