Crown Prince Mohammed bin Salman said Saudi Arabia is in talks with some of the world’s biggest companies to develop technologies that will power life in the $500 billion city he’s planning to build on the Red Sea, according to Bloomberg.
The city is due to open for business by 2025, with limited operations expected as early as 2020, Prince Mohammed told Bloomberg News in an interview in Riyadh on Wednesday.
Amazon.com Inc., Alibaba Group Holding Ltd and Airbus SE are already involved in discussions, he said.
“We are talking with everyone,” said the 32-year-old prince, heir to the throne of the world’s biggest oil exporter. “We have the ‘who’s who’ from around the world engaging in this.”
Artificial intelligence and the Internet of Things will combine to offer a lifestyle not available anywhere else, Prince Mohammed said in the interview. “
Your medical file will be connected with your home supply, with your car, linked to your family, linked to your other files,” he said. “And the system develops itself in how to provide you with better things.”
Prince Mohammed envisions an app-driven city that is almost entirely automated and responsive to the needs to its residents. “The first robot in NEOM will be NEOM itself,” he said.
Prince Mohammed acknowledged that some of those plans are doing better than critics have suggested. And he said his government is working to revive those that stalled -- citing the King Abdullah Financial District in Riyadh.
While few lenders have committed to the area, the first phase is due to be opened in 2018 and the district will host leaders from the G-20 group of major economies two years after that, he said.
With NEOM, the government is putting its credibility and money on the line. The country’s sovereign wealth fund and other investors are putting in “hundreds of billions,” Prince Mohammed said.
Agreements signed between Saudi Arabia and Egypt last year, including one to develop an industrial zone around the Sinai peninsula, were concluded with the new city in mind, he said.
“The purpose of signing this free zone north of Sinai is to link it with NEOM,” the prince said. “NEOM will have a lot of ports. Some of them in Saudi Arabia and some of them in Egypt.”
Plans for the project include a bridge spanning the Red Sea, connecting the proposed new city to Egypt and the rest of Africa.
Some 10,000 square miles (25,900 square kilometers) have been allocated for development of the urban area, which will stretch into Jordan as well as Egypt.
Asked if the city would compete with other regional commercial hubs such as Dubai, Prince Mohammed said the outcome will be more win-win than zero-sum. He said Neom will “create new demand” that will help its neighbors too. “I don’t think Hong Kong harmed Singapore, or Singapore harmed Hong Kong.”
- SoftBank to work with Saudi Arabia on NEOM mega city
- UAE Minister of State praises Saudi Arabia’s NEOM project
- Saudi Crown Prince launches NEOM, a ‘$500bn investment in the future’
- 8 things you need to know about Saudi Arabia’s innovative NEOM project
- What does Saudi Arabia’s mega project ‘NEOM’ actually stand for?