Unveils Plans Of Saudi Arabia build a Five Hundred doller ($500) billion mega-city

Unveils Plans

Unveils Plans:

Saudi Arabia Unveils Plans announced on Tuesday a $500 billion plan to create a business and industrial zone extending across its borders into Jordan and Egypt, the biggest project yet in a series of efforts to free the kingdom of its dependence on oil exports.
The 26,500 square km (10,230 square mile) zone, known as NEOM, will focus on industries including energy and water, biotechnology.

The Saudi government, the PIF, and local and international investors are expected to put more than half a trillion dollars into the zone in coming years.
There was no immediate comment on the plan from Jordan and Egypt, both of which are close allies of Saudi Arabia.

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.

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.

The country appointed Klaus Kleinfeld, a former chief executive of Siemens AG and Alcoa Inc, to run the NEOM project. Officials hope that a funding program, which includes selling 5% of oil giant Saudi Aramco, will raise $300 billion for NEOM’s construction.

The Saudi government, the PIF, and local and international investors are expected to put more than half a trillion dollars into the zone in coming years, Prince Mohammed said.
There was no immediate comment on the plan from Jordan and Egypt, both of which are close allies of Saudi Arabia.

 

 

 

 

0 Comments

Leave a Comment

Login

Welcome! Login in to your account

Remember me Lost your password?

Don't have account. Register

Lost Password

Register

%d bloggers like this: