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Saudi Arabia plans to build $500bn high tech mega city 33 times bigger than NY

October 25th, 2017
Categories: Past News

Link: https://www.rt.com/news/407677-saudi-high-tech-500-billion-mega-city/

The city, which has been named NEOM, will be built from the ground up on a massive greenfield site in northwest Saudi Arabia. It will span over 26,500 square kilometers, an area more than 33 times bigger than New York City. The city already has it’s own Twitter account and website. Saudi Crown Prince Mohammed bin Salman said the city will focus on industries including energy and water, biotechnology, food, advanced manufacturing and entertainment backed by $500 billion by the Kingdom of Saudi Arabia, the Public Investment Fund of Saudi Arabia (PIF) – the kingdom’s largest sovereign fund – and other local and international investors.

"NEOM is situated on one of the world's most prominent economic arteries, through which nearly a tenth of the world's trade flows,” PIF said in a press release.

"Its strategic location will also facilitate the zone's rapid emergence as a global hub that connects Asia, Europe and Africa, enabling 70% of the world's population to reach it in under eight hours.”

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