SAUDI ARABIA

Crown Prince: NEOM will be listed on Saudi stock market in 2024

July 26, 2022
Crown Prince Mohammed bin Salman while announcing THE LINE in 2021. (file photo)
Crown Prince Mohammed bin Salman while announcing THE LINE in 2021. (file photo)

By Anas Alyusuf

JEDDAH — Crown Prince Mohammed bin Salman has announced that Saudi Arabia aims to publicly list NEOM in the local stock market in 2024.

Speaking to journalists on Monday after revealing the designs of THE LINE, the city of the future in NEOM, Prince Mohammed said that the listing of NEOM locally would add nearly one trillion riyals to the Saudi stock market and more than 5 trillion riyals by 2030 when more parts of the project would be completed.

The Crown Prince pointed out that all entities owned by the Public Investment Fund (PIF) would be listed publicly.

The Kingdom has plans to make the Saudi Stock market, currently ranked 7th in the world, one of the top three markets internationally, he said.

Prince Mohammed said the government would raise around SR500 billion in the capital by 2027 and tap the market for an additional SR200-300 billion for NEOM.

“The government will continue to finance the project for now with the support of PIF,” he added.

The first phase of the project is due to finish by 2030. “We’ve already started construction and by 2030 NEOM will host 1.5 million residents and 9 million residents by 2045,” the Crown Prince announced.

Residents will have access to all facilities in THE LINE within a five-minute walk, in addition to a high-speed rail with an end-to-end transit of 20 minutes.

The Crown Prince added: “NEOM will be a place for all people from across the globe to make their mark on the world in creative and innovative ways. NEOM remains one of the most important projects of Saudi Vision 2030, and our commitment to delivering THE LINE on behalf of the nation remains resolute.”

The Kingdom aims to raise its population to 50-60 million by 2030, half of them foreigners, the Crown Prince said. “Riyadh as the capital will accommodate nearly 25 million people,” he added.

The Crown Prince, who is also the chairman of the NEOM Board of Directors, announced the designs of THE LINE on Monday.

He said: “We are committed to a civilizational revolution that puts humans first based on a radical change in urban planning. The designs revealed today for the city’s vertically layered communities will challenge the traditional flat, horizontal cities and create a model for nature preservation and enhanced human livability."

He noted that “THE LINE will tackle the challenges facing humanity in urban life today and will shine a light on alternative ways to live.”

THE LINE is a civilizational revolution that puts humans first, providing an unprecedented urban living experience while preserving the surrounding nature.


July 26, 2022
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