Crown Prince Mohammed bin Salman said on Monday his $500 billion flagship project NEOM, a huge economic zone eventually meant to house nine million people, will be partly financed through a flotation expected in 2024. The city's first phase is set to cost 1.2 trillion riyals ($319 billion), half of which will come from the kingdom's sovereign wealth fund, the Public Investment Fund, he said.
Saudi Arabia will tap sovereign wealth funds in the region and globally in the fourth quarter of this year to raise part of the remaining 600 billion riyals, which will also be funded through private sector investment and an initial public offering (IPO) that is expected to take place in 2024, he said.
Saudi Arabia will also allocate 300 billion riyals for a fund linked to NEOM, which will invest in companies that set up there.
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