Neom Investment Fund Plans to Attract Global Leader Companies
Posted on 07/26/2022
Neom is a Saudi city being built in Tabuk Province in northwestern Saudi Arabia. Saudi Crown Prince Mohammed Bin Salman disclosed that Neom itself could be listed on the Saudi stock market. Saudi Arabia is expecting the IPO of Neom will happen around 2024.
Saudi Arabia plans to set aside 300 billion Saudi riyals (US$ 80 billion) for the Neom Investment Fund. The Neom Investment Fund plans to invest in companies that are willing to operate in Neom. The fund could be expanded by another 100 billion Saudi riyals.
The first phase of Neom is estimated to cost 1.2 trillion Saudi riyals. Nearly half of that amount will be covered by the Public Investment Fund of Saudi Arabia.
