Saudi Arabia's NEOM: A Financial Powerhouse

Saudi Arabia's NEOM, part of the kingdom's sovereign wealth fund, has allocated over 60 billion riyals to private sector investments and over 30 billion riyals to debt funding in the past 18-24 months, according to the deputy CEO.

Saudi Arabia's NEOM, a strategic initiative under the kingdom's sovereign wealth fund, has significantly ramped up its financial engagements over the past two years. The company's deputy CEO disclosed on Wednesday that NEOM has committed more than 60 billion riyals to bolster private sector investments.

In addition to these investments, NEOM has secured upwards of 30 billion riyals for debt funding. This development signals a robust financial strategy aimed at enhancing the economic landscape of the region.

Current exchange rates denote that $1 is equivalent to 3.7555 riyals, emphasizing the substantial economic scope of NEOM's financial commitments.

(With inputs from agencies.)