Neom Investment Fund: Saudi Prince MBS Plans $80 Billion for Desert Megaproject - Bloomberg
Saudi Arabia will set aside 300 billion riyals ($80 billion) for an investment fund tied to the crown prince’s flagship megaproject, Neom, and plans an initial public offering of the project on the kingdom’s stock market as soon as 2024.
The Neom Investment Fund could potentially expand to 400 billion riyals, Crown Prince Mohammed bin Salman prince told reporters in Jeddah. It would invest in companies that agree to operate at Neom, a huge city planned for Saudi Arabia’s far northwest on the Red Sea coast.
The prince’s announcement on Monday was attended by global investors including Bridgewater Associates founder Ray Dalio, Tim Collins of Ripplewood, Saudi Prince Alwaleed bin Talal and Kuwaiti retail billionaire Mohammed Alshaya.
For the first time, he also outlined details on how he plans to finance Neom -- one of the largest and most complex construction projects in the world.
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