Saudi Prince Mohammed bin Salman unveils the budget for the flagship project NEOM amounting to $500 billion. Public investment fund will cover half of the first phase which will run until 2023 and cost around 1.2 trillion Riyals.
He further adds an initial public offering of $500 billion will be made by 2024.
Talking to reporters in Jeddah, the crown prince said the Kingdoms is setting aside $80 billion for Neom Investment Fund, where it would invest in companies that agree to operate in the futuristic city, Bloomberg has reported.
The announcement was witnessed by global investors including Bridgewater Associates founder Ray Dalio, Tim Collins of Ripplewood, Saudi Prince Alwaleed bin Talal and Kuwaiti retail billionaire Mohammed Alshaya.
The Saudi crown prince also unveiled funding details of Neom. First phase, which runs until 2030, will cost 1.2 trillion riyals, with about half of that covered by the Public Investment Fund.
Officials will then seek to raise another 600 billion riyals from other sovereign wealth funds in the region, private investors in Saudi Arabia and abroad, and the planned IPO on Tadawul.
Saudi Prince asserted 1 trillion riyals to the IPO of kingdom’s stock market by 2024.
