Saudi Arabia Just Announced Plans to Build a Mega City That Will Cost $500 Billion - Bloomberg

Saudi Arabia Just Announced Plans to Build a Mega City That Will Cost $500 Billion - Bloomberg:



"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."

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The Saudi government is trying to diversity their economy as they plan for a post-oil world. They are using a $2 trillion (!) sovereign wealth fund to get involved in many investments, including infrastructure projects all over the world.