Saudi Arabia Ministry of Energy signs MoU with NEOM on energy cooperation

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Saudi Arabia’s energy ministry will offer support to NEOM, a $500 billion high-tech megacity development that includes tourism and sport facilities on the Red Sea, so that it can be completed on schedule, the Kingdom’s Energy Minister Prince Abdulaziz said on Sunday.

“We have to persevere and make all our capacities available to realize this project,” Prince Abdulaziz explained during the signing ceremony for the agreement.

The 26,500 square km (10,230 square mile) development, first revealed in 2017 with a planned completion in 2025, will include high-tech projects powered by wind and solar energy.

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The cross-border city is located in the northwestern Tabuk Province, near the Red Sea and the borders that Saudi Arabia shares with Egypt and Jordan. It is slated to incorporate smart city technologies and also serve as a top tourist destination in the Middle East region.

NEOM is part of Saudi Crown Prince Mohammed bin Salman’s ambitious Vision 2030 plan that aims to transform the Kingdom for a post-hydrocarbon age.

With Reuters

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