Saudi crown prince says NEOM will raise capital amounting to 500 billion riyals -state TV

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Saudi Crown Prince Mohammed Bin Salman announces a zero-carbon city called “The Line” to be built at NEOM in northwestern Saudi Arabia, January 10, 2021. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS

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CAIRO, July 26 (Reuters) – 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.

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Reporting by Enas Alashray and Lilian Wagdy; Editing by Kim Coghill

Our Standards: The Thomson Reuters Trust Principles.

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