- Saudi Arabia’s Neom, the company developing Crown Prince Mohammed bin Salman’s flagship megaproject, is looking to raise a 10 billion riyal ($2.7 billion) loan, to build futuristic city.
- This year, the developer of the project has secured multiple agreements to attract investments. Last month, Neom concluded a public-private partnership deal with a consortium of local investors, worth over 21 billion riyals. The agreement aims to develop temporary housing and facilities for 95,000 individuals.
Why it matters
Neom is the biggest project in his plan to diversify the country’s oil-dependent economy. Other parts of the vision include building a tourist destination on Saudi Arabia's West coast, as well as embarking on a global investment spree to increase the kingdom's stakes in everything from sports to tech companies.