NEOM seeks financial advisor for bundle of projects: Sources

Logo of NEOM

NEOM Co. intends to appoint a financial advisor for a bundle of projects being implemented in NEOM megaproject, CNBC Arabia reported, citing sources.

Over the past few days, NEOM held a roadshow in London with international investment banks to promote the potential projects, which are the cornerstone of Vision 2030, sources added.

Almost 70% of NEOM’s prospective/planned projects will be in the real estate sector, in addition to another package of industrial projects.

The financial advisor will obtain a long-term authorization, based on the package of projects, the sources added.

On Oct. 24, 2017, Crown Prince Mohammed bin Salman announced the launch of NEOM megaproject, which will be backed by over $500 billion from Saudi Arabia, the Public Investment Fund (PIF), as well as local and global investors, according to data compiled by Argaam.