Press Release (ePRNews.com) - NEW YORK - Mar 26, 2018 - Saudi Arabian portal AboutHer.com is highlighting how NEOM, the Kingdom’s latest project, is set to transform the nation’s economy through the use of technology and by offering a more liberal environment. NEOM is a new business and industrial zone – 33 times the size of New York – on the Red Sea coast, the likes of which the world has never seen. It aims at exploring new economic opportunities for Saudi Arabia, as well as offering a lifestyle unlike anything else in contemporary Saudi society.
Last year in October, Saudi Crown Prince Mohammed Bin Salman announced the Kingdom’s plan to build this ultra-modern metropolis envisioned as a 26,500-square kilometer project that extends along the Kingdom’s borders into Jordan and Egypt.
This landmark project, as well as others under Saudi Arabia’s Vision 2030, marks a clear attempt by the Crown Prince to overhaul the Kingdom’s oil revenue reliant economy, reforming it into a more diversified and privatized structure. The Crown Prince explained at the time that this zone will focus on various industries including energy and water, biotechnology, food, advanced manufacturing, and even entertainment.
As highlighted by AboutHer.com, NEOM aims to transform the Kingdom into a leading global hub, a timely move by the Crown Prince at a time when the country is beginning to experience the dwindling of its resources.
The city itself, which will cost an estimated 500 billion USD to build, plans to steer clear of fossil fuel as a source of energy. Instead, it will be powered using wind and solar energy, and through other innovative ways as well. For instance, it was announced in January that a team of Saudi inventors are working on a new system to generate renewable electricity through the conversion of the motor energy of vehicle tires into electric energy resulting from traffic on roads.
Key partnerships are also being made with major companies from various investment sectors to ensure the successful completion of NEOM, dubbed the City of the Future. In February, British company Arm Holdings entered talks with the Saudi government and the project’s managers about using its chip technology to power a new generation of robotics and artificial intelligence in NEOM. This month, Egypt and Saudi Arabia signed a number of agreements to develop stretches of land in the southern Sinai within the megacity.