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Saudi Prince Plans $80 Billion Fund, IPO for Neom Project

  • First phase of Neom will cost around $320 billion: Prince
  • Five-year-old megaproject has struggled with setbacks so far
Mohammed bin Salman
Mohammed bin SalmanSource: Neom
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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 told reporters in Jeddah. It will invest in companies that agree to operate at Neom, a new region planned in Saudi Arabia’s northwestern corner.