NEOM Advances Saudi Trends for Investing in Quality Infrastructure

NEOM Advances Saudi Trends for Investing in Quality Infrastructure

Saudi Arabia's orientation towards intensifying investment in qualitative development of infrastructure and expanding the base of manpower and skilled minds is evident in the designs of NEOM’s project The Line, experts told Asharq Al-Awsat.

On Monday, Crown Prince Mohammed bin Salman, who is also the chairman of the NEOM Board of Directors, announced the designs of The Line, the city of the future in NEOM.

The Crown Prince revealed that flagship project NEOM, a huge economic zone eventually meant to house nine million people, will be partly financed through a flotation expected in 2024.

Speaking to journalists after announcing the designs of The Line city in the $500 billion NEOM project, the Crown Prince said the offering process will add to the size of the Saudi stock market at least $320 billion (1.2 trillion riyals) at the beginning, and the total will increase after the completion of the project above $1.3 trillion (five trillion riyals).

The Crown Prince explained that the first phase of “The Line” will involve $320 billion (1.2 trillion riyals) until 2030, and there will be government support worth $53 billion to $80 billion (200 to 300 billion riyals), pointing out that government support differs from the fund's investment, which amounts