Saudi Crown Prince Mohammed bin Salman said that the “NEOM” economic zone will most likely be offered for subscription in 2024, according to the Saudi TV channel Al-Ekhbariya, today, Tuesday.
Construction has begun on NEOM, an economic zone in the Tabuk governorate that aims to diversify the economy of the kingdom, the world’s largest oil exporter.
The Crown Prince, Chairman of the Board of Directors of NEOM, said, “NEOM will add one trillion riyals ($266 billion) to the size of the Saudi stock market. At least 1.2 trillion (riyals) at the beginning, and the total will increase after the completion of the project above five trillion.”
The Public Investment Fund (PIF), the sovereign wealth fund in the Kingdom, is the strategic investor in NEOM, which is a project on an area of 26,500 square kilometers using advanced technology on the Red Sea, and includes a few areas, such as industrial and logistical areas, and construction is expected to be completed in 2025.
In statements to reporters, the Saudi crown prince added that all public investment fund companies will be offered in the stock market.
“Reuters” quoted him as saying that the government will raise capital of about 500 billion riyals in 2027 and resort to the market to raise another 200-300 billion riyals for the “NEOM” project.
“We have big goals to make Saudi Arabia among the top 3 stock markets on the planet,” he said.
Prince Mohammed bin Salman announced the designs of the “Line” city in “NEOM”, which aims to achieve the ideal of living, and addresses the urgent challenges facing humanity.
The Crown Prince stated that the exceptional designs of “The Line” illustrate the multi-layered internal structure of the city, adding: “We cannot ignore the environmental and way of life crisis facing the cities of the world.”
He added: “We cannot ignore the environmental crises as well as the way of life crises facing the cities of the world. Therefore, we seek in NEOM to be at the forefront of providing new and innovative solutions. Today, we are determined to implement the idea of building upwards, through a team led by NEOM, in addition to a group comprising of the world’s brightest minds in architecture and construction.