20 June 2018

Saudi prince declares $500B construction mega city project

25 October 17 - RE+D Magazine
Saudi prince declares $500B construction mega city project


IBI Group

Consultant - GREECE


Consultant - GREECE

Solum Property Solutions

Consultant - GREECE


Public entity - GREECE


Antulio Richetta

Director IBI Group
Saudi Arabia plans to build a new $500 billion metropolis that spans three countries.


The development, called NEOM, was announced at a conference by Saudi Crown Prince Mohammed bin Salman according to the CNN.

It's the latest in a series of mega projects designed to reshape the kingdom's economy.

Plans call for the city to be powered entirely by regenerative energy, while also making use of automated driving technology and passenger drones.

Wireless hi-speed internet will be free.

The city, which will be independent of the kingdom's "existing governmental framework," will be built across 26,500 square kilometers (10,231 square miles) near the Red Sea.

According to the fund's statement, its land mass "will extend across the Egyptian and Jordanian borders."

The project will be backed by $500 billion from the Saudi government and its investment fund, as well as local and international investors.


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