Saudi prince wants Wall Street to help fund $500 billion plan for a floating Silicon Valley in the desert

Executives from the Saudi crown prince's megaproject have invited bankers and investors to a meeting in New York next month as they try to drum up international interest in their $500 billion plan to build a high-tech hub.

People familiar with the matter say that Nadhmi Al-Nasr and Layth Al-Shaiban will attend the event in April. One of the people said that invitations were sent to private equity firms, bankers and construction suppliers for a gathering to gauge interest in the project. A similar event in London last year is one of the reasons why it is possibly one of a series of events in multiple American cities.

Neom did not respond to a request for comment.

Neom is the crown jewel of Crown Prince Mohammed bin Salman's program to transform the economy of the world's largest oil exporter. The northwest Red Sea coast is going to be turned into a high tech hub filled with robots as part of his Vision 2030.

Explore and discuss the significant market opportunities Neom represents and discuss how we can support your business plans through meaningful partnership and investment opportunities according to the invitation.

Neom has a unique vision of urban design, which includes plans for a car-free linear city, an industrial development that floats on the Red Sea, and a mountain ski resort.

The kingdom's reputation was damaged after the murder of government critic and critic of the Saudi government, Jamal Khashoggi, by Saudi agents in Istanbul. Several prominent figures left Neom's advisory board after the killing. The international community criticized the Saudi Arabia's decision to crack down on dissent.

Since then, many bankers and other international companies have returned to Saudi Arabia. More than a thousand employees have been hired by Neom to move to the remote site and plan the new region's economy and urban design.

The project has caused controversy in Saudis. Violence and arrests will occur in 2020 as a result of a relocation process for local residents. After previous attempts to build economic and financial free zones struggled to take off, foreign academics and experts questioned Neom's feasibility.