Saudi Arabia on the construction of innovation city will spend $500 billion

Саудовская Аравия на постройку инновационного города потратит $500 млрд

On the shore of the red sea, the Arabs built an extraordinary city

The city plans to build by 2030.

The heir to the Saudi throne Mohammed bin Salman is going to build on the shore of the red sea a city of innovation. As reported by Bloomberg, for the construction it is planned to allocate $500 billion.

Construction reinvestiruet the government of Saudi Arabia investment Fund of the Kingdom’s Public Investment Fund and local and international private investors. It is planned to attract $ 500 billion. The city will be called NEOM.

“Saudi Arabia in the framework of the development strategy until 2030 will create a global city of the new generation of Neom, innovation hub, which will become a global crossroads of civilizations,” — said in the presentation of the new project.

“Neom will be built from scratch in a new place, this is a unique opportunity to build a city that will stand out from everything that was built over hundreds of years,” said the Prince.

The area of the city future generations will be 26 thousand square kilometers, the place chosen for him in the North of the country. According to the creators, Neom have to link economically with the Arab countries, Africa, Asia, Europe and America.

Recall state company of Saudi Arabia SALIC intended to build in Ukraine a port terminal.