International • Created October 25, 2017 02:00

S/ARABIA: Govt plans to build $500bn mega city

Saudi Arabia has unveiled plans to build a new city and business zone – a project that will be backed up by more than $500bn (£381bn) in investment. Crown Prince Mohammed bin Salman says the 26,500 sq km (10,232 sq mile) NEOM zone will be developed in the north-west, extending to Egypt and Jordan. It […]

S/ARABIA: Govt plans to build $500bn mega city
S/ARABIA: Govt plans to build $500bn mega city

Saudi Arabia has unveiled plans to build a new city and business zone – a project that will be backed up by more than $500bn (£381bn) in investment.

Crown Prince Mohammed bin Salman says the 26,500 sq km (10,232 sq mile) NEOM zone will be developed in the north-west, extending to Egypt and Jordan.

It will focus on nine sectors including food technology and, energy and water.

The crown prince has been leading a drive to move Saudi Arabia away from its dependence on oil revenues.

In August, the Gulf kingdom launched a massive tourism development project to turn 50 islands and other sites on the Red Sea into luxury resorts.

Tags