Saudi crown prince says NEOM will raise 500b riyals in capital

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.