Days before Saudi Arabia kicks off its flagship investment conference, a handpicked selection of guests will get the first glimpse of Crown Prince Mohammed bin Salman’s trillion-dollar bet that the kingdom has a future beyond oil. An exclusive group of financiers, entertainers and influencers from around the world will this week descend upon Sindalah Island, the first project to open its doors at the planned city of Neom. The resort is now home to ultra-luxury hotels and unspoilt beaches, plus an 86-berth marina where the uber rich can dock their yachts and dive into the crystal clear waters of the Red Sea.
A lot is riding on the success of Sindalah and the wider area in the kingdom’s northwest that’s been re-branded as Neom and is expected to cost anywhere from $500 billion to $1.5 trillion to build — Crown Prince Mohammed’s boldest move yet. The opening comes days before the kingdom kicks off the eighth edition of its Future Investment Initiative, a Davos-style confab.
Also read: Saudi Arabia hunts for cash to fund projects under $1.5 trillion Neom desert city "There is still considerable effort to go in partnerships and investment, so timing with FII would make sense," said Karen Young, a senior research scholar at Columbia University’s Center on Global Energy Policy. "If investors see some major infrastructure in place for power, water, transport, that would do a lot to instil confidence about government commitment to major installations in Neom.
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