By innovation-sa on October 30, 2017 in News

Saudi Arabia unveiled plans to build an independent mega city, investment and business zone in the north-western region of the country, backed by a capital of $500 billion.

The 26,500-square km mega city will span across the coast of Red Sea and Gulf of Aqaba, spreading across Egypt and Jordan, making it the world’s first private zone to extend across three countries.

The special zone, named NEOM, will offer an open platform for investing and financing. “NEOM will attract private as well as public investments and partnerships. The zone will be backed by more than $500 billion over the coming years by the Kingdom of Saudi Arabia, the Saudi Arabian Public Investment Fund, local as well as international investors,” cited Saudi Crown Prince Muhammad Bin Salman, who is also the Chairman of the Public Investment Fund (PIF) while speaking at the Future Investment Initiative Conference in Riyadh.

Klaus Kleinfeld, will be the first CEO of NEOM. The zone will be designed to function independent of the Kingdom’s rules and regulations. The city would provide “an idyllic lifestyle paired with excellent economic opportunities”, claimed Public Investment Fund (PIF).

NEOM targets nine investment sectors including energy and water, biotechnology, advanced manufacturing, food, media and entertainment. The focus on these industries will reduce GDP leakage by providing fresh investment opportunities within the country.

Pursuant to the goals of Vision 2030 to strengthen the renewable energy market, the zone will be exclusively powered by wind and solar energy.

NEOM will also strive to become the most efficient destination in the world by ensuring hundred percent automation of all services and operations. In future, robots will take over repetitive and laborious tasks.