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.

Also read -  Despite Pharrell Williams begging the crowds at the Saudi Arabian Grand Prix to calm down, they kept on throwing light bands at him. The superstar lost his patience, fumed, and stormed off the stage in Riyadh.

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.

Also read -  Lionel Messi rejected Saudi Arabia's billion-dollar offer and sealed the deal with Inter Miami in MLS. The David Beckham owned club added 262,500 Instagram followers every hour, making it the most followed MLS club.

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.