Get All Access for $5/mo

Saudi Arabia's NEOM: A US$500 Billion City Being Built 'For A New Way Of Living' Saudi Arabia's Crown Prince Mohammed bin Salman announced on Tuesday the Kingdom's most ambitious plan yet to free itself from dependency on oil.

You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.

NEOM Project

Saudi Arabia's Crown Prince Mohammed bin Salman announced on Tuesday the Kingdom's most ambitious plan yet to free itself from dependency on oil. Prince Salman revealed a US$500 billion proposal to build a new transnational "independent special zone" on the Red Sea coastline that extends into Jordan and Egypt. Strategically located in proximity to international markets and trade routes, the 26,500 square km zone -dubbed as NEOM- is set to be powered by renewable energy, and has its eyes on incorporating elements of key sectors such as energy, advanced manufacturing, biotech, and media & entertainment.

Announced at the Future Investment Initiative in Riyadh, NEOM (short for New Future) will operate independently from the "existing governmental framework," and is said to be funded by the Saudi government, its sovereign wealth fund, and local and international investors, according to a statement. Dr. Klaus Kleinfeld, the former Chairman and CEO of Alcoa and Arconic Inc. has been appointed as CEO of NEOM. "The NEOM project is set to transform the Kingdom into a leading global innovation and trade hub through the introduction of value chains of traditional and future industries and technologies to stimulate local industry, private sector job creation and GDP growth in the Kingdom," reads an official note on NEOM, explaining the project's mission.

The completion of the first stage of the project is expected to be by end of 2025, and its contribution to the Kingdom's GDP is projected to reach "at least $100 billion by 2030." It's exciting times ahead for Saudi Arabia as the world watches how the Kingdom follows through on its ambitious economic and social upheaval plans.

Related: Saudi Arabia Reveals Strategies For A New Era Going Beyond Oil

Side Hustle

At 16, She Started a Side Hustle While 'Stuck at Home.' Now It's on Track to Earn Over $3.1 Million This Year.

Evangelina Petrakis, 21, was in high school when she posted on social media for fun — then realized a business opportunity.

Business News

Hybrid Workers Were Put to the Test Against Fully In-Office Employees — Here's Who Came Out On Top

Productivity barely changed whether employees were in the office or not. However, hybrid workers reported better job satisfaction than in-office workers.

Science & Technology

This Influencer Has Nearly 150,000 Instagram Followers and Makes Over $10,000 a Month. There's Just One Catch — She's Not Real.

Aitana López has over 149,000 Instagram followers and brands love her. Is she the future of social media marketing?

Living

How to Achieve Superhuman Levels of Focus with Nutritional Psychology

Could poor nutrition be the reason for a lack of focus?

News and Trends

Entrepreneur Middle East Publishes Report Looking Into The GCC's US$3 Billion Cloud Kitchen Industry

According to the report, the cloud kitchen industry is currently booming, especially as more customers are opting for ordering in, instead of dining out, in a world still mired in pandemic realities.