He predicted that a zero-carbon city-neum is being built in Saudi Arabia, with 170 kilometers of vertical layers of buildings for work, living and entertainment on a future scenario, the kingdom’s crown prince announced. What is it.
Unveiling The Line, a key feature of the $500 billion project, Prince Mohammed bin Salman announced that the flagship development would be partially financed through a public listing on the country’s stock exchange over two years. shall be made, and shall be subject to its own independent law. system
The flotation, he continued, “will increase the value of the Saudi stock market by one trillion riyals ($266 billion). Initially at least 1.2 trillion and after the completion of the project the total will exceed 5 trillion. The ultimate goal was to make the Saudi stock market, currently ranked seventh internationally, “one of the largest stock markets on the planet.”
Prince Mohammed said that in future all projects in which the Kingdom’s sovereign wealth fund is an investor will be listed on the stock market. The government wants to raise 500 billion riyals in capital by 2027 and use the market to raise another 300 billion riyals for Neom.
The crown prince said the first phase of the development, which includes a large economic zone, would cost 1.2 trillion riyals ($319.39bn), with half of the funding coming from the kingdom’s sovereign wealth fund.
Speaking to reporters at an event to showcase The Line in Jeddah, Prince Mohammed said the new city will bring seismic changes to the way people live in the future. It will be “roads, cars and emission-free environment” with “100 percent renewable energy”.
The crown prince said he envisioned the 26,500 square kilometer development on the Red Sea as a cosmopolitan center that would be home to more than 9 million people with a new way of life. He said that it will also try to provide answers to major environmental problems facing the world.
“The Line is an affirmation of our firm commitment to present a project to the whole world. Neom is a place for people who dream of a better tomorrow,” said Prince Mohammed.
“We cannot ignore the liveability and environmental crises facing our world’s cities, and Neom is at the forefront of delivering new and imaginative solutions to address these issues.
“Vertical layered city communities will challenge traditional flat, horizontal cities. The Line’s designs reflect what urban communities will look like in the future in an environment free of roads, cars and emissions.
The line is designed as a series of “modules” for different urban uses, each 200 meters wide, sandwiched between two 500-meter-high mirrored exterior facades that span the 170-kilometer line on the Neum map. makes These projects include suspended walkways, swimming lanes, gardens and even a stadium 330 meters above the ground.
Saudi Arabia, the world’s largest crude oil exporter, aims to reach net zero carbon emissions by 2060. Prince Mohammed said that one of the advantages of living in Neom was that there would be no need for cars to travel. “If you have money, you should raise the bar, be brave, be innovative, be different,” he wanted to emphasize. “Since we’re not doing any of this, why should we copy normal cities? I believe this will be the best livable area – by far – on the entire planet.”
Along with radical architecture and environmental restoration, Neom will have its own independent legal system, not limited to the Saudi judicial structure, which investors will play a key role in drafting. The crown prince said that work on this is progressing rapidly, with some details to be presented next year.
Negotiations will be held with neighboring countries to try and ensure that developments across the border do not conflict with the internal aesthetics that Neum is trying to establish.
The Saudi sovereign wealth fund, the Public Investment Fund, is the largest contributor to the project. But the crown prince said he expected Saudi entrepreneurs would also want to contribute to one of the most exciting architectural developments taking place in the world at the moment.
Despite reports of delays in the project in the international media, Prince Mohammed maintained that the first phase of the project would be completed by 2030 with “1.5 million residents, and 9 million residents by 2045”.
A senior Saudi official at the event said he understood some foreign skepticism about the project’s broad scope. “But this country was made of desert, building the future is part of that heritage, you just know how far you can go,” he argued.
Prince Mohammed’s appearance at the Jeddah Superdome came just before he flew to Greece for the Neom presentation, his first visit to Europe since his trip to Paris in April 2018. Strategic cooperation with energy agreements is expected to be signed.
Diplomats say the trip to Athens follows a trip to France to meet Emmanuel Macron, with other possible destinations in Europe and Asia in the near future.
The crown prince’s increased international visibility follows Biden’s recent state visit. The US president is said to have called for an increase in Saudi oil production to help offset rising energy prices in the US. It is believed to have received no guarantees, but US officials expect future increases along the lines set by OPEC.