Saudi crown prince says NEOM will raise capital amounting to 500 billion riyals -state TV
CAIRO — Saudi Arabia’s Crown Prince Mohammed Bin Salman said the government will raise 500 billion riyals of capital in 2027 and tap the market for an additional 200-300 billion riyals for the country’s futuristic city project NEOM, state al-Ekhbariya TV reported early on Tuesday.
The crown prince added in remarks to reporters that NEOM will rely on government support until 2030, then it will become self-sustaining.
The crown prince also said that NEOM will add a trillion riyals to the Saudi stock market’s value. (Reporting by Enas Alashray and Lilian Wagdy; Editing by Kim Coghill)