Exclusive: Saudi government likely to add to its $500bln NEOM commitment

Exclusive: Saudi government likely to add to its $500bln NEOM commitment

There is “genuine investment interest” in a project that will be “the centre of the universe” in terms of new projects going forward, he said.

“There’s a lot of real interest from Saudi investors, but also the world’s investors,” McEvoy said in an interview with Zawya at the Arabian Travel Market (ATM) held in Dubai this week.

“We just did a road show through the US, Discover NEOM, there’s genuine interest in the Middle East, particularly Saudi. Everyone knows this is going to become the centre of the universe for new projects for some time to come.”

McEvoy said Saudi Arabia’s Public Investment Fund (PIF) is doing a lot of the early heavy lifting, but it is likely that the commitment will be complimented, even offset, by investment.

“The government will offset that commitment or add to that investment. I think there’s so much ambition, they will probably add to that commitment,” he said.

So far, the company has announced a port and industrial project, Oxagon, futuristic city The Line and most recently the Middle East’s first outdoor ski field, Trojena, on Jebel Al Lawz.

First tourists by 2024

NEOM will welcome the first tourists in 2024, when guests arrive at a yet-to-be-announced Red Sea beach resort.