Saudi Crown Prince announces the island of Sindala as 1st “NEOM” destination for luxury marine tourism

HRH Saudi Crown Prince Mohammed bin Salman announced the completion of the first phase of the NEOM project in early 2024, less than a year and a half later. This is because Sindala Island will be the first destination for luxury marine tourism and yacht clubs on the Red Sea are ready to receive tourists.

He said that Sindala will be one of the most influential global experiences in leisure tourism along the Red Sea.

He added that the island was designed to be the main gateway for cruises and cruises in the Red Sea. It shows NEOM’s ability to design tourism opportunities in an integrated manner.

Saudi Crown Prince Mohammed bin Salman said that the NEOM economic zone will largely be available for public subscription in 2024.

NEOM, a northern Saudi economic zone aimed at diversifying the world’s largest oil exporter’s economy, has begun construction.

Following the unveiling of (The Line’s) designs last evening, the Saudi Crown Prince claimed in a discussion with several journalists, “NEOM would increase the size of the Saudi stock market by a trillion riyals (about $266 billion). At least 1.2 trillion at the start, with the total expected to exceed 5 trillion once the project is completed.”

The Saudi Crown Prince, Prince Mohammed bin Salman, claimed that the government’s investment in NEOM would be between SAR 200 and 300 billion. This implies that the government’s contribution will be less than the Public Investment Fund’s investment, which will be about SAR 600 billion.

Regarding the Public Investment Fund’s $ 600 billion investment in the NEOM project, he stated, “The 600 billion comes from sovereign funds, the public offering, and the global private sector, and this is the last obstacle that we will overcome over the next two years.”

The Public Investment Fund, the Kingdom’s sovereign wealth fund, is a key investor in NEOM. An industrial and logistical zone will be built on 26,500 square kilometers of Red Sea land under this project that focuses on modern technology. Development is planned to be finished in 2025.

The Saudi crown prince further stated that by 2024, all public investment fund firms will be available for public subscription.

He claimed that the government would raise around SAR 500 billion in capital in 2027 and will turn to the market to generate an additional SAR 200-300 billion for the NEOM project.

“We have ambitious plans to make Saudi Arabia one of the top three stock exchanges in the world,” he said.


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