Intel: Saudi Arabia Energy Ministry all in on $500 billion megacity
An agreement between the futuristic megacity and Saudi Arabia's Energy Ministry underscores the Kingdom's push for renewable energy and economic diversification.
Saudi Arabia’s Energy Ministry inked an agreement on Sunday expressing full support for the building and increased coordination of a $500 billion megacity on the Red Sea.
The memorandum of understanding, signed by the megacity project's chief executive officer Nadhmi Al-Nasr and the kingdom’s Energy Minister Prince Abdulaziz bin Salman Al Saud, underscored the country’s push for renewable energy and economic diversification.
The city, known as Neom, will cover about 10,000 square miles of desert and coastline bordering Saudia Arabia, Jordan and Egypt, and hopes to attract serious international investment as it’s a cornerstone in the Saudi Vision 2030 plan that calls for reducing the country’s dependency on oil.
The prince stressed in a press release through the Saudi Press Agency the project’s focus on utilizing renewable resources to generate electrical energy and the production of hydrogen and to open a way for its global export.
