Prince Mohammed bin Salman, Crown Prince of Saudi Arabia, Chairman of the Board of Directors of NEOM, said: NEOM Economic Zone It will most likely go public in 2024.
Speaking to a number of journalists after the announcement of “The Line” designs, the Crown Prince added that the offering process will add 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 5 trillion riyals.
He pointed out that there are great goals to make the Kingdom among the 3 largest stock markets in the world, adding that all public investment fund companies will be offered in the stock market.
The Saudi Crown Prince explained that the first phase of “The Line” will involve 1.2 trillion riyals until 2030, and there will be government support worth 200 to 300 billion riyals, which will be allocated to an investment fund linked to the “NEOM” project, with plans to invest in companies that agree to work there.
He pointed out that government support differs from the fund’s investment, which amounts to about 500 billion riyals.
Prince Mohammed bin Salman indicated that the NEOM Investment Fund may reach 400 billion riyals in size.
He also detailed how he plans to finance NEOM, one of the largest and most complex construction projects in the world.
During Prince Mohammed bin Salman’s announcement of the details of the “The Line” project and its designs, he said that the Kingdom also plans to invest in Egypt to complete the NEOM project, including the Sharm el-Sheikh tourist area, which is located on the Red Sea from NEOM, adding: “We will establish Huge investment in Egypt.
It is noteworthy that the Public Investment Fund is the strategic investor in the Neom area, which is a project on an area of 26,500 square kilometers for advanced technology on the Red Sea, and includes a few areas, including industrial and logistical areas, and the construction is expected to be completed in 2025.