Crown Prince unveils NEOM, a $500bn tech-led megacity zone
By Cicada DeskEvent date: 1 min read
Added to the archive: Last verified:
In brief
At the first Future Investment Initiative, Crown Prince Mohammed bin Salman announced NEOM, a planned business and industrial zone of about 26,500 square kilometers on the Red Sea and the Gulf of Aqaba.
At the first Future Investment Initiative, Crown Prince Mohammed bin Salman announced NEOM, a planned business and industrial zone of about 26,500 square kilometers on the Red Sea and the Gulf of Aqaba. The government, the Public Investment Fund (PIF) and international investors were expected to contribute more than $500 billion, with sectors including energy and water, biotechnology, food, advanced manufacturing and entertainment.
NEOM later became the host of the Kingdom's cognitive-technology ambitions and, through Oxagon, of a planned AI data center campus.
Key figures
- $500bnplanned investment
- 26,500km²area
Sources
This report is compiled from the sources below. Cicada links to every source we rely on.
- 1Saudi unveils $500bn plan to develop border region with Jordan, Egypt Gulf Business · 24 Oct 2017
- 2Saudi Crown Prince launches NEOM, a '$500bn investment in the future' Al Arabiya English · 24 Oct 2017
Archive report. Written in 2026 from contemporary sources and dated to the day the event happened.
Cite this story
Cicada Desk. "Crown Prince unveils NEOM, a $500bn tech-led megacity zone". Cicada, 24 October 2017. https://cicadaconsultancy.online/en/news/neom-announced-fii-2017
Free to quote and reuse with attribution under CC BY 4.0.
