Saudi Arabia Plans IPO of $500 Billion For Its Megacity 'Neom'
Saudi Arabia's Crown Prince Mohammed bin Salman said they are planning an initial public offering of the Kingdom's $500 billion megaproject Neom as soon as 2024. Arabian Business reports: Talking to reporters in Jeddah, the crown prince said the Kingdom is setting aside $80 billion for Neom Investment Fund, where it would invest in companies that agree to operate in the futuristic city, Bloomberg has reported. The announcement was witnessed by global investors including Bridgewater Associates founder Ray Dalio, Tim Collins of Ripplewood, Saudi Prince Alwaleed bin Talal and Kuwaiti retail billionaire Mohammed Alshaya. The Saudi crown prince also unveiled funding details of Neom. First phase, which runs until 2030, will cost 1.2 trillion riyals, with about half of that covered by the Public Investment Fund. Officials will then seek to raise another 600 billion riyals from other sovereign wealth funds in the region, private investors in Saudi Arabia and abroad, and the planned IPO on Tadawul. The IPO, which could happen by 2024, will add more than 1 trillion riyals to the Kingdom's stock market, the crown prince noted. In addition to the news about the IPO, a teaser video was released, revealing the design for The Line: a "vertical city" some 500 meters tall, 170 kilometers in length, and covered in mirrors. "Although it looks like a wall, The Line is actually supposed to be comprised of two huge parallel buildings, connected via walkways and divided into neighborhoods that are supposed to offer all the amenities of city life within a five-minute walking distance," reports The Verge. "Vegetables will be 'autonomously harvested and bundled' from community farms; 'a high-speed train will run under the mirrored buildings'; the Line will include a stadium 'up to 1,000 feet above the ground,' and there'll be a marina for yachts under an arch between the buildings." A report from the Wall Street Journal in 2019 also noted robots will outnumber humans and hologram teachers will education genetically-enhanced students.
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