Saudi Arabia’s Crown Prince Mohammed bin Salman has said that the NEOM economic zone will likely go public in 2024, Al Arabiya reported Tuesday.
Speaking to several journalists after announcing the designs of “THE LINE” city in the $500 billion NEOM project, the Crown Prince said the offering process will add to the size of the Saudi stock market at least $320 billion (1.2 trillion riyals) at the beginning, and the total will increase after the completion of the project above $1.3 trillion (five trillion riyals).
The Saudi Crown Prince explained that the first phase of "The Line" will involve $320 billion (1.2 trillion riyals) until 2030, and there will be government support worth $53 billion to $80 billion (200 to 300 billion riyals) pointing out that government support differs from the fund's investment, which amounts to about $133 billion (500 billion riyals).
The Public Investment Fund, the Kingdom’s sovereign wealth fund, is the strategic investor in NEOM area: A 26,500-square-km (10,230-square-mile) high-tech development on the Red Sea with several zones, including industrial and logistics areas, planned for completion in 2025.
Construction has begun on NEOM. First unveiled by the Crown Prince in 2017, NEOM is Saudi Arabia's flagship business and tourism development on the Red Sea coast and a central project in the Vision 2030 plan.
The Crown Prince said on Monday THE LINE future city in NEOM will accommodate up to nine million residents in communities characterized by their revolutionary vertical design.
The Crown Prince announced the designs of THE LINE, a civilizational revolution that puts humans first, providing an unprecedented urban living experience while preserving the surrounding nature.
In January last year, he launched the initial idea and vision of the city that redefines the concept of urban development and what cities of the future should look like.
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