HomeTravel & TourismSaudi hires Lazard to explore funding options of Mecca mega project
By Economy Middle East
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November 11, 2022 2:26 pm

Saudi hires Lazard to explore funding options of Mecca mega project

As well as a potential IPO
Saudi
Saudi collaborates with Lazard on Mecca's Masar project

The Saudi Public Investment Fund (PIF) is collaborating with financial consulting company Lazard to investigate financing options for Masar, a massive $27 billion project in Mecca, as well as a potential initial public offering (IPO), Reuters reported citing sources.

The sources, who spoke on the condition of anonymity as the matter has not yet been announced, said that the Kingdom’s sovereign wealth fund, which has more than $600 billion in assets, is collaborating with the US consulting firm on Masar and several other developments, including NEOM, a $500 billion economic development project.

Read more: Saudi planning the largest buildings ever constructed

The news that Lazard was advising the sovereign wealth fund on NEOM was first reported by Bloomberg.

According to one of the sources, Masar’s IPO is planned for next year, but the timetable may change because the company is still in its early stages and the size or value of the deal has not yet been determined.

Masar of a 1.2 million square meter urban development project in the western part of Mecca.