Saudi Arabia has announced plans for the initial public offering of the $500 billion megaproject NEOM, slated to take place by 2024.

In addition, the kingdom will set apart $80 billion (SAR 300 billion) to set up a NEOM Investment Fund that could potentially expand to $106 billion, Crown Prince Mohammed bin Salman told the press in Jeddah. The fund will aim to invest in companies operating out of NEOM.

“We have big aims to get Saudi Arabia among the top three largest stock markets on the planet,” the Crown Prince said in a press statement. Prince Mohammed mentioned that he expects the NEOM IPO to take place around 2024 and add more than $266 billion to the size of the kingdom’s market. He added that the Saudi sovereign fund will eventually sell shares in all its companies.

Reportedly, the Prince’s announcement was attended 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 occasion marked the first time the Prince revealed details of his plans to finance NEOM, which is reportedly one of the world’s largest and most complex construction programs. 

“The project’s first phase, which runs until 2030, will cost 1.2 trillion riyals, with about half of that covered by the Public Investment Fund (PIF),” the Crown Prince said. 

Officials would raise another $159 billion from Saudi-based sovereign wealth funds, regional and foreign private investors, and an initial public offering of NEOM itself on the Saudi stock market. 

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