June 22, 2021

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Business is my step

Saudi Crown Prince Launches Zero-Carbon Metropolis in NEOM Business Zone | Investing News

2 min read

DUBAI/LONDON (Reuters) – Saudi Arabia’s crown prince on Sunday unveiled ideas to develop a zero carbon town at NEOM, the to start with key building challenge for the $500 billion flagship organization zone aimed at diversifying the financial system of the world’s biggest oil exporter.

Prince Mohammed bin Salman, in a unusual televised physical appearance, explained the town, acknowledged as “The Line”, would lengthen above 170 km (105 miles) and be able to residence one million inhabitants in “carbon-beneficial urban developments driven by 100% clear electricity”.

“Why should we sacrifice character for the sake of progress?” Prince Mohammed claimed. “We have to have to completely transform the concept of a typical town into that of a futuristic a single.”

There have been several announcements pertaining to NEOM since it was initial declared by de facto ruler Prince Mohammed to a lot fanfare in 2017 as a pillar of his Eyesight 2030 program to rid the Saudi Arabia of its reliance on crude revenues.

A Saudi statement claimed design would begin in the first quarter of 2021 and that the town was expected to add $48 billion to the kingdom’s gross domestic product and build 380,000 work. No worth was introduced for the venture.

Prince Mohammed outlined critical highlights of the town: zero cars, zero streets, zero carbon emissions and Artificial Intelligence.

NEOM, a 26,500 square km (10,230 sq. mile) large-tech enhancement with several zones, including an industrial and logistics parts, is planned for completion in 2025.

Saudi Arabia’s efforts to catch the attention of international money and investment decision were dealt a blow in 2018 immediately after numerous Western investors have been unnerved by the murder of distinguished journalist Jamal Khashoggi in the kingdom’s Istanbul consulate which brought on an global furore.

Final 12 months, a sharp fall in oil prices and the outbreak of COVID-19 dealt a blow to the Saudi financial state.

(Reporting by Marwa Rashad, Ghaida Ghantous and Nayera Abdallah Modifying by Alexander Smith and Bernadette Baum)

Copyright 2021 Thomson Reuters.

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