Photo shows the design plan for the 500-metre tall parallel structures in the heart of the Red Sea megacity NEOM. AFP
The city's first phase is set to cost 1.2 trillion riyals ($319.39 billion), half of which will come from the kingdom's sovereign wealth fund, the Public Investment Fund, he said.
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The Crown Prince was speaking to reporters, architects, investors and others attending a presentation that provided updates on its project The Line, a key part of the NEOM development. Saudi Arabia will tap sovereign wealth funds in the fourth quarter of this year to raise part of the remaining 600 billion riyals, which will also be funded through private sector investment and an initial public offering that is expected to take place in 2024, he said.
The design plan shows the 500-metre tall parallel structures in the heart of the Red Sea megacity NEOM. AFP
Saudi Arabia will also allocate 300 billion riyals for an investment fund linked to NEOM, which will invest in companies that set up there. The Crown Prince first announced plans for NEOM in 2017 as part of his Vision 2030 reform plan, which aims to diversify Saudi Arabia's economy away from oil.
The kingdom's sovereign wealth fund is the cornerstone investor in NEOM, a 26,500-square-km (10,230-square-mile) high-tech development on the Red Sea with several zones, including an industrial and logistics areas, planned for completion in 2025.
Construction has started on NEOM, which is a business zone in Tabuk province. AFP
"NEOM will add a trillion riyals ($266 billion) to the Saudi stock market value. At least 1.2 trillion in the beginning and the overall will increase after project completion to exceed 5 trillion," MBS was quoted as saying on state-owned al-Ekhbariya TV.
Construction has begun on NEOM, a business zone in Tabuk province aimed at diversifying the economy of the world's top oil exporter.
"We aim to make Saudi one of the largest three stock markets on the planet," the Crown Prince said.
During the conversation by all means conducive to maintain its security and stability, re-asserting that the negative effects of the attacks (on two Aramco's facilities) on the US economy as well as the world economy.
Sheikh Mohamed Bin Zayed in a phone call to Saudi Crown Prince has said that the UAE stands with Saudi Arabia in confronting all menacing threats to its security and stability.
They also touched on the 'Green Middle East' initiative, announced by the Saudi Crown Prince, which aims to plant 50 billion trees in partnership with the countries of the region.
Saudi Arabia’s crown prince unveiled plans on Sunday to build a zero-carbon city at NEOM, the first major construction project for the $500 billion flagship business zone aimed at diversifying the economy of the world’s largest oil exporter.
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