Saudi Arabia is Building a $500 billion Mega-City NEOM

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saudia-arabia-project-NEOM

Saudi Arabia is Building a $500 billion Mega-City NEOM

Saudi Arabia is the world’s largest oil exporter, but falling oil prices have made it more difficult for the country to pay its oil workers.

Now the Saudi Arabian government has come up with a project that could give its economy a boost: a $500 billion mega-city that will connect to Jordan and Egypt and be powered completely by renewable energy.

On Tuesday, Saudi Crown Prince Mohammed bin Salman announced the project, called NEOM, at the Future Investment Initiative conference in Riyadh. It will be financed by the Saudi government and private investors, according to Reuters.

The business and industrial-focused city will span 10,230 square miles. To put that size in perspective, 10,230 square miles is more than 33 times the land area of New York City.

Courtesy: Bloomberg

The city, which will be free of the kingdom’s “current legislative structure,” will be worked crosswise over 26,500 square kilometers (10,231 square miles) close to the Red Sea. As per the reserve’s announcement, its property mass “will reach out over the Egyptian and Jordanian outskirts.”

NEOM will be built starting from the earliest stage, on greenfield locales, permitting it an extraordinary chance to be recognized from every other place that have been produced and developed more than several years,” the reserve said in an announcement.

The task will be upheld by $500 billion from the Saudi government and its speculation finance, and in addition neighborhood and universal speculators.

It has gotten the consideration of outside financial specialists including SoftBank (SFTBF) originator Masayoshi Son and Blackstone CEO Stephen Schwarzman, who joined the crown cost on a board committed to the undertaking.