Saudi Crown Price Mohammed bin Salman announced during the Future Investment Initiative conference held in Riyadh, the launch of Neom, a $500 billion mega-city that will connect to Jordan and Egypt and be powered completely by renewable energy. This city will be financed by the Saudi government and private investors, according to Reuters.
NEOM’s larger goal is to lessen Saudi Arabia’s reliance on oil exports, which could expand the country’s economy beyond oil, bin Salman said at the conference. The city will focus on a variety of industries, including energy and water, biotechnology, food, advanced manufacturing, and entertainment. Saudi Arabia hasn’t released a masterplan yet for what it will look like.
Saudi Arabia expects to complete NEOM’s first section by 2025.