Project will vertically layer homes, offices, public parks and schools within a mirrored facade and is expected to be publicly listed in 2024, says Crown Prince Mohammed bin Salman, according to state media.
The zero-carbon city that Saudi Arabia plans to build at Neom will vertically layer homes, offices, public parks and schools within a mirrored facade stretching over 170 kilometres, the crown prince has said in remarks carried by state media.
Crown Prince Mohammed bin Salman first unveiled plans for "The Line" in January 2021, the first major construction project for the $500 billion Neom business zone aimed at diversifying the economy of the world's top oil exporter.
The city, 200 metres wide and running on "100 percent renewable energy," will also include a high-speed rail with an end-to-end transit of 20 minutes. It will eventually accommodate nine million residents, state news agency SPA cited him as saying on Monday.
"The city's vertically layered communities will challenge the traditional flat, horizontal cities," the prince said. "The designs of The Line embody how urban communities will be in the future in an environment free from roads, cars and emissions."
The kingdom's sovereign wealth fund, the Public Investment Fund, is the cornerstone investor in Neom, a 26,500-square-kilometre high-tech development on the Red Sea with several zones, including industrial and logistics areas, planned for completion in 2025.
Business zone will likely be listed in 2024
The prince said the Neom business zone will likely be publicly listed in 2024, state media reported.
"Neom will add a trillion riyals ($266 billion) to the Saudi stock market value. At least 1.2 trillion at the beginning and the overall will increase after project completion to exceed 5 trillion", said the crown prince.
He added in remarks to reporters that all ventures in which the sovereign wealth fund is an investor will be listed on the stock market.
Prince Mohammed said the government will raise $133 billion of capital in 2027 and tap the market for an additional $53-79 billion riyals for Neom.
"We aim to make Saudi one of the largest three stock markets on the planet," the crown prince said.
Presenting a 170 km vertical city that can be travelled end to end in 20 minutes. Giving residents a convenient lifestyle within 5-minute walk neighborhoods, and communities organized in three dimensions, THE LINE is the future of urban living.#TheLINE #NEOM pic.twitter.com/fXntnKt42W— NEOM (@NEOM) July 25, 2022