Saudi Arabia to build $500b megacity

Saudi Crown Prince Mohammed bin Salman announced plans to build a new city on the Red Sea coast.

The city project is called NEOM. The 10,230-square-mile project will be backed by more than $500 billion from the Saudi government, its sovereign wealth fund, and local and international investors.

The plan includes a bridge spanning the Red Sea, connecting the proposed city to Egypt and the rest of Africa. Some 10,000 square miles have been allocated for the development of the urban area that will stretch into Jordan and Egypt, making it “the world’s first independent special zone stretching over three countries.”

Saudi Arabia said it is already in contact with potential investors and would complete the first phase of NEOM by 2025, according to CNBC.