Saudi Arabia wants to build a $500B “startup city”
Yesterday, Saudi Crown Prince Mohammed bin Salman announced an ambitious plan to construct a $500B mega-city called NEOM by 2025.
The proposed 10,230-mile city would span 3 countries (Saudi Arabia, Egypt, and Jordan), run entirely on renewable energy sources, and serve as a “hub of cutting edge research and technology.”
In the prince’s words, it will be “a place for the dreamers of the world.”
What exactly does that mean?
NEOM is a part of Saudi Arabia’s Vision 2030 plan — a larger initiative aimed at reducing the country’s dependence on oil by branching into new economic sectors, like energy, water, biotech, and media.