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27 Oct 2017

Sudi Arabia: Saudi unveils $500bn new city to end dependent on oil

The King Abdullah financial district in Riyadh. Picture: Waseem Obaidi/Bloomberg

The Crown Prince of Saudi Arabia Prince Mohammed bin Salman earlier in the week  announced a $500bn plan to build a business and industrial city that that will border the kingdom with Jordan and Egypt as part of its efforts to cut the kingdom from over dependence on crude oil.
The new city which is dubbed NEOM is a 26,500 square km zone which will focus on industries including energy and water, biotechnology, food, advanced manufacturing and entertainment, Saudi Crown Prince Mohammed bin Salman said.

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