The International Monetary Fund (IMF) has endorsed an ambitious Saudi Arabian plan to build a $500 billion business and industrial zone extending into Jordan and Egypt, saying the project could benefit the whole region.
Jihad Azour, head of the IMF’s Middle East department, said Riyadh would need to balance the huge cost of the zone and other economic projects withRead more
The kingdom has revealed plans to build NEOM, a mega project billed as a regional Silicon Valley, in addition to an entertainment city in Riyadh that would rival Walt Disney and the Red Sea project, a reef-fringed resort destination.
The blueprints for the projects were on display to 3,500 corporate honchos at this week's Future Investment Initiative (FII) —- dubbedRead more
The $500 billion mega-city planned by Saudi Arabia will be floated on financial markets alongside oil giant Saudi Aramco as part of the kingdom’s drive to diversify away from oil, Crown Prince Mohammed bin Salman said in an interview.
The 26,500-square kilometers business and industrial zone, named Neom, will extend into Jordan and Egypt. It was unveiled on Tuesday atRead more
A virtual reality show illustrating what the soon-to-be-constructed Neom city will look like drew big crowds at the Future Investment Initiative in Riyadh yesterday.
Plans for the $500 billion mega city and business zone on the Red Sea were unveiled on Tuesday by Saudi Crown Prince Mohammed bin Salman.
Neom will be one of the biggest projects of its kindRead more
Saudi Arabia on Tuesday announced plans to build a $500 billion mega city on the Kingdom’s Red Sea coast, as part of a huge national push to diversify its economy.
The 26,500 square kilometers zone, known as Neom, will focus on industries including energy and water, biotechnology, food, advanced manufacturing and entertainment, Saudi Crown Prince Mohammed bin Salman said yesterday.Read more
Saudi Arabia’s Crown Prince Mohammed bin Salman on Tuesday vowed to restore “moderate, open” Islam and destroy owners of “extremist ideas today and immediately”.
“We are returning to what we were before -- a country of moderate Islam that is open to all religions and to the world,” he said at an economic forum in Riyadh.
“We will not spendRead more