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Saudi Arabia to construct new ‘£380billion’ TECH HUB 33 times BIGGER than New York City

Saudi Arabia, October 25, 2017

The new city, dubbed NEOM, will be constructed in Saudi Arabia and be built across the countries borders with Jordan and Egypt.

The Public Investment Fund (PIF) of Saudi Arabia said: “NEOM is born from the ambition of Saudi Arabia's Vision 2030 to see the country develop a pioneering and thriving model of excellence in various and important areas of life.

“NEOM aims to thrive the transformation of the Kingdom into a leading global hub through the introduction of value chains of industry and technology.”

Prince Mohammed bin Salman, the Saudi leader, said: “NEOM will focus on nine specialised investment sectors and living conditions that will drive the future of human civilisation, energy and water, mobility, biotech, food, technological and digital sciences, advanced manufacturing, media, and entertainment with liveability as its foundation.

“The focus on these sectors will stimulate economic growth and diversification by nurturing international innovation and manufacturing, to drive local industry, job creation, and GDP growth in the Kingdom.

“NEOM will be backed by more than $500billion (£380billion) over the coming years by the Kingdom of Saudi Arabia, the Saudi Arabian Public Investment Fund, local as well as international investors.”

The city will span 10,000 square miles (25,900km) which makes the country 33 times bigger than New York City that comes in at 304 square miles.

NEOM marks a drastic change in the north star of Saudi Arabia, the country is ditching oil and targeting wind and solar energy as being the city’s primary power source.

PIF went on: “The wind and sun will allow NEOM to be powered solely by regenerative energy.”

The organisation has stated that NEOM will overlook the Red Sea which will be responsible for providing a breeze that will provide the country with “mild temperatures”.

Prince Salman told investors in the country’s capital that the city will not open its gates to everyone.

“We try to work only with the dreamers.

'This place is not for conventional people or companies.”

The announcement of the ambitious new city comes as the leader has made a string of announcements that will reshape the country in the last couple of years.

Prince Salman recently disclosed his ambitions to sell a stake the oil company Saudi Aramco along with allowing women to drive.

The country has also disclosed plans restore itself to “moderate” Islam, suggesting the days of ultraconservative rule are over.

The Saudi leader said: “We are returning to what we were before – a country of moderate Islam that is open to all religions and to the world.

“We will not spend the next 30 years of our lives dealing with destructive ideas. We will destroy them today.

“We will end extremism very soon.”

express