The Crown Prince of Saudi Arabia has announced huge plans to build an entire city from scratch along the Red Sea coastal line that will span over 3 countries and built across 26,500 square kilometers that will cost over $500 Billion.
The new development called NEOM was announced on Tuesday and is among a series of mega projects that have been designed to reshape the country’s economy. With access to a long stretch of the coastal line, the city is all set to give UAE’s Dubai tough competition in terms of becoming the largest investment hub.
Saudi Arabia’s Mega City – NEOM
NEOM is set to operate independently from the existing Saudi governmental framework. However, the massive project is backed with $500 billion from the Saudi government, sovereign wealth fund and has already attracted various local and international investors.
It has caught the attention of foreign investors including SoftBank founder Masayoshi Son and Blackstone CEO Stephen Schwarzman, who joined the crown price on a panel dedicated to the project.
The new city will promise a lifestyle different from that available at present times in Saudi Arabia. The Crown Prince is seeking to remaking the Kingdom’s economy.
Some of the Ground Breaking Features of NEOM:
- It is to be powered entirely by regenerative energy
- Will be having an automated driving technology including passenger drones
- Free Wireless Hi-Speed Internet
- A lifestyle unlike the traditional Saudi Arabian style
