Crown Prince orders ‘appropriate’ investment regulations for NEOM

12/05/2018 Argaam

 

Crown Prince Mohammed bin Salman has directed to prepare investment regulations for NEOM based on the appropriate business practices and future prospects, in order to overcome bureaucracy and legal hurdles, Al-Madina newspaper reported, citing Klaus Kleinfeld chief executive officer.

 

The Kingdom’s $500 billion project is attracting "overwhelming" interest from foreign investors, he said on Thursday during an FDI panel discussion in Bahrain.

 

The mega investment amount is not needed tomorrow in full, as currently the focus is on conducting partnerships with interested investors, he said, adding that he expects large private sector investments in the project.

 

According to data compiled by Argaam, the Crown Prince in October announced the launch of the new city that will be financed by the Public Investment Fund (PIF), as well as other local and international investors.

 

Infrastructure works started on the project which is expected to be completed by 2025.

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