JEDDAH: Saudi Arabia’s Crown Prince Mohammed bin Salman has announced a new $500 billion project to turn the Kingdom into a leading global hub.
“NEOM will focus on nine specialized investment sectors and living conditions that will drive the future of human civilization, energy and water, mobility, biotech, food, technological & digital sciences, advanced manufacturing, media, and entertainment with livability as its foundation. The focus on these sectors will stimulate economic growth and diversification by nurturing international innovation and manufacturing, to drive local industry, job creation, and GDP growth in the Kingdom. NEOM will attract private as well as public investments and partnerships. NEOM will be backed by more than $500 billion over the coming years by the Kingdom of Saudi Arabia, the Saudi Arabian Public Investment Fund, local as well as international investors”, said Prince Mohammed who is also the Chairman of the Public Investment Fund (PIF).
NEOM will be located in the Northwestern region of Saudi Arabia and will span over 26,500 km2. In that location, NEOM will sit on one of the globe’s busiest economic arteries, through which nearly a tenth of the world’s trade flows.
Overlooking the Red Sea, the wind and sun will allow NEOM to be powered solely by regenerative energy.
One of the key advantages of the project is that 70% of the world’s population will be able to reach it within eight hours.