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Saudi prince plans $80-billion fund, IPO for zero-carbon city Neom

The Neom Investment Fund could potentially expand to 400 billion riyals, Crown Prince Mohammed bin Salman told reporters in Jeddah

Neom city
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The site of the city Neom stands empty before the project’s first phase, which will run until 2030 (Photo: Reuters file).

Vivian Nereim | 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 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.

The prince’s announcement on Monday was attended by global investors including Bridgewater Associates founder Ray Dalio, Tim Collins of Ripplewood, Saudi Prince