Going beyond silencing his most ardent critics, Saudi Crown Prince MBS went ahead and raised an astonishing $24 billion from the private sector to fund his dream project, Neom

Saudi Crown Prince MBS appears more confident than ever, as the man behind the visionary $1.5 trillion Neom project in northwest Saudi Arabia celebrated with a grand pre-launch event even before the good news hit. It was a pivotal moment; the launch of Sindalah, Neom’s first development, and a seahorse-shaped superyacht haven. For the ambitious leader, it marked a symbolic step in proving his critics wrong.

But the real cause for celebration came shortly after at Neom’s flagship investment conference, where a staggering $24 billion was secured from the private sector. A carefully curated selection of financiers from around the globe gathered on the newly unveiled Sindalah Island, experiencing the ruler’s vision firsthand. This Davos-style resort boasts ultra-luxury hotels, pristine beaches, and an 86-berth marina where the ultra-wealthy can anchor their yachts and explore the Red Sea’s crystal-clear waters. The island’s charm exceeded expectations, paving the way for investment.

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During Riyadh’s Future Investment Initiative forum, Deputy CEO Rayan Fayez announced the achievement: “In the past 18–24 months, we’ve seen a significant increase in private sector capital.” The $24 billion raised includes over 60 billion Saudi Riyals from private sector commitments and more than 30 billion Saudi Riyals in debt funding (about $16 billion in private funding and $8 billion in loans). “With these commercial assets now more visible, we’re seeing strong interest from the private sector to co-fund and co-invest in Neom’s journey,” Fayez added.

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As a colossal project, Neom relies heavily on private investment beyond government funding. Besides Sindalah, the development includes Trojena, a futuristic ski village, Magna, a cluster of luxury hotels, a golf resort, and other high-end facilities that aim to elevate Saudi Arabia’s post-oil future. In fact, Neom’s scale is so immense that it currently consumes a full 20% of the world’s steel. For those not fortunate enough to witness the charm of Neom unfold one megaproject at a time, Saudi Crown Prince MBS has unveiled ‘Ground X,’ a platform that will showcase live feeds of projects under construction and a progress library featuring 2 million photos captured by 563 cameras and 300 drones.