The new project will likely surprise investors still trying to take stock of a series of major announcements made by the prince during his meteoric rise to power.
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,” will operate independently from the “existing governmental framework” with investors consulted at every step during development. The project will be backed by more than $500 billion from the Saudi government, its sovereign wealth fund and local and international investors, according to a statement released on Tuesday at an international business conference in Riyadh.
The new project will likely surprise investors still trying to take stock of a series of major announcements made by the prince during his meteoric rise to power as he seeks to prepare Saudi Arabia for the post-oil era.
Saudi Crown Prince on Tuesday vowed to restore “moderate, open” Islam in a kingdom known for its ultra-conservative rule.
“We are returning to what we were before, a country of moderate Islam that is open to all religions and to the world,” he said at an economic forum in Riyadh.
“We will not spend the next 30 years of our lives dealing with destructive ideas. We will destroy them today,” he added. “We will end extremism very soon.”
Since his sudden appointment on June 21, Prince Mohammed has pushed ahead with reforms.
He is widely regarded as being the force behind King Salman’s decision last month to lift a long-standing ban on women driving. — Agencies
