$500bn Investment, 9m Residents, 100% Renewable Energy: Mohammed Bin Salman Unveils Saudi City of Future
The projected zero-carbon city of Neom being built in Saudi Arabia will have vertical layers of buildings for work, living and leisure stretching for 170 kilometres over a futuristic landscape, the Kingdom’s Crown Prince has declared. Unveiling The Line, a primary feature of the $500bn project, Prince Mohammed bin Salman announced that the flagship development will be partly financed through a public listing in the country’s stock exchange in two years’ time, and would be subject to its own autonomous legal system. The flotation, he continued, “will add a trillion riyals ($266bn) to the Saudi stock market value. At least 1.2 trillion at the beginning and overall will increase after project completion to exceed 5 trillion”. The ultimate aim was to make the Saudi stock market, currently ranked seventh internationally, “one of the largest stock markets on the planet.” Prince Mohammed stated that in the future all ventures in which the Kingdom’s sovereign wealth fund is an investor will be...