Saudi Arabia Taps Lazard to Finance $500 Billion Neom Project

Saudi Arabia is working with Lazard Ltd. as it considers how it will pay for Neom, Crown Prince Mohammed bin Salman’s ambitious $500 billion plan for a high-tech desert city, people familiar with the matter said.

The New York-based investment bank is helping the kingdom evaluate financing options, including debt sales and a potential initial public offering on the Saudi stock exchange, according to the people.

Deliberations are in the early stages and no firm decisions about the size or structure of any financing have been taken, the people said, asking not to be identified discussing confidential information. ...