SoftBank Group Corp.’s Vision Fund on Tuesday signed an initial agreement with the kingdom’s wealth fund to buy a “significant” stake in state-controlled Saudi Electricity Co., and will provide energy for the new city. “In Dubai, this has worked well, but attempts to copy it have done less well in the region.”A promotional video released on Tuesday features a lifestyle so far unavailable in Saudi cities. It showed women free to jog in leotards in public spaces, working alongside men and playing instruments in a musical ensemble. Similar efforts over the past three decades have floundered, with plans losing steam as soon as crude prices recovered. “If this is to be an international hub, it needs to offer something better than Dubai, which is a high bar to cross,” he said.The crown prince indicated he understood the challenge.

Source: Economic Times October 24, 2017 18:34 UTC