Saudi crown prince announces plans for new city
Saudi Arabia's Crown Prince Mohammed bin Salman has announced plans for a new $500 billion city to be built in the country's northwest that will be run entirely on alternative energy and be an innovation hub for the future.
The project, dubbed Neom, will be built on untouched land along the country's Red Sea coastline near Egypt and Jordan. The ambitious project could lead the way in the use of drones, driverless cars and robotics.
The kingdom's sovereign wealth fund, which the crown prince chairs, the Saudi government and global technology firms will help build the city.
Prince Mohammed announced the project Tuesday at a major investment conference in Riyadh aimed at shining a spotlight on the kingdom's efforts to diversify its revenue streams away from dependence on oil exports.
