Saudi Crown Prince Mohammed bin Salman announced the launch of ‘NEOM’ city project Tuesday, an initiative to construct an integrated investment zone in Northwest of Kingdom of Saudi Arabia. Saudi Press Agency (SPA) reported that kingdom of Saudi Arabia will construct several projects in cooperation with both the Egyptian and Jordanian governments. The kingdom will inject $ 500 billion in investments for the project within the upcoming years, to be funded by the Public Investment Fund as well as Saudi and foreign investors, SPA added. The NEOM project will focus on nine investment sectors, namely, energy and water, transportation, biotechnology, food, technological and digital sciences, advanced manufacturing, media and media production, and entertainment. Bin Salman added that the project will rely on global modern technology and alternative energy, namely solar and wind power.

Source: Egypt Independent October 25, 2017 11:48 UTC