Crown Prince Mohammed bin Salman shared the details of the NEOM project at a conference he attended. What is the 'NEOM' project? 'Where is the NEOM project? 'What is the purpose of the NEOM project?
The crown prince attended a presentation last week that provided journalists, architects, investors and other attendees with updates on the city of Line, a key part of the NEOM project's development. In the presentation of the city of Line, the Saudi Arabian stock market; He said that with this project, he aims to be among the three largest stock exchanges in the world.
WHAT IS THE 'NEOM' PROJECT, WHAT IS THE PURPOSE?
The project, named after the first letters of the words "new" in English and "future" in Arabic, is seen as Saudi Arabia's utopian city project in the desert. It is one of the important pillars of the Crown Prince's 2030 vision, which aims to diversify non-oil revenues, and is planned to be implemented on an area of 26 square kilometers on the Red Sea coast, on the border of Jordan and Egypt.
Saudi Arabian Prince Mohammed bin Salman said last week that NEOM, a $500 billion flagship project, a massive economic zone expected to house nine million people, will be financed in part through the bond sale expected in 2024.
He said the city's first phase will cost $319 billion to build, half of which will come from the Kingdom's Public Investment Fund. Saudi Arabia also announced that it will allocate 300 billion riyals for a NEOM-linked fund that will invest in companies established in the region.
WHERE IS THE NEOM PROJECT?
Line city in the northwest of the country, the Red Sea and Saudi Arabia; Construction began near the borders with Egypt and Jordan. The Crown Prince said that the area of the city will stretch along a 120 square kilometer coastline and is a project that covers the desert.
The city was designed as a new building 500 meters high, 170 km long, sandwiched between two mirrored facades and 200 meters wide for different urban uses. It is stated that there will be wide roads, gardens and even a stadium inside.
The crown prince touted NEOM as a new form of urban life, painting an urban dream where cars disappear and residents feel more connected to nature. However, in the criticisms of the project, it was said that Line city resembles a prison.