Saudi’s Prince Mohammed envisions Red Sea resort Neom, to rival Dubai
Dubai/Riyadh — Saudi Crown Prince Mohammed bin Salman announced plans to build a new city on the Red Sea coast, promising a lifestyle not available in today’s Saudi Arabia as he seeks to remake the kingdom in a time of dwindling resources. The prince said the city project, to be called "Neom", would operate independently from the "existing governmental framework", with investors and businesses consulted at every step during development. The project will be backed by more than $500bn from the Saudi government, the country’s sovereign wealth fund and local and international investors, according to a statement released on Tuesday at an international business conference in Riyadh. Prince Mohammed, the kingdom’s unrivaled leader, is spearheading efforts to prepare Saudi Arabia for the post-oil era. In the course of his meteoric rise to power since 2015, he’s disclosed plans to sell a stake in oil giant Saudi Aramco and create the world’s largest sovereign wealth fund, and has ended some ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.