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Vision 2030: Saudi Crown Prince Unveils Dream City Project

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Crown Prince Mohammed bin Salman

[vc_row][vc_column][vc_column_text]This place is not for conventional people

Pushing ahead his Vision 2030, Saudi Crown Prince Mohammed bin Salman has unveiled plan to float the $500 billion mega-city on financial markets alongside oil giant Saudi Aramco. This is part of kingdom’s drive to diversify away from oil.

According to Arab News, the 26,500-square km business and industrial zone, named Neom, will extend into Jordan and Egypt. The Crown Prince chose to unveil the mega plan at a three-day Future Investment Initiative, conference being held in Riyadh on Wednesday. Nearly 4,000 delegates from around the world have participated in the conference.

Earlier on Tuesday Crown Prince Mohammed bin Salman had pledged to destroy “extremist ideologies” and return to a moderate Islam that is open to all religions.

The daily considered to be the mouthpiece of the Kingdom said, “The surprise announcement is the latest — and most extraordinary — in a slate of privatization programs led by the floating of oil giant Saudi Aramco. The sales are designed to boost the Saudi economy and create jobs for millions of young people.”

To be situated adjacent to Red Sea and the Gulf of Aqaba and near maritime trade routes of Suez Canal, the proposed mega city will serve as a gateway to the proposed King Salman Bridge, which will link Egypt and Saudi Arabia.

Vision 2030: Saudi Crown Prince Unveils Dream City Project

Neom will be independent of Saudi regulation and will adopt a “separate regulatory framework.”  The Crown Prince was quoted saying, “This place is not for conventional people or conventional companies. This will be a place for the dreamers of the world.”

The mega city will be fully owned by Saudi Arabia’s sovereign Public Investment Fund (PIF) until its listing, and will attract investments from companies in renewable energy, biotechnology, advanced manufacturing and entertainment.

Attracting foreign investors the Crown Prince said, “Without a doubt, at the end of the day Neom will be floated in the markets. The first zone floated in the public markets. It’s as if you float the city of New York.”

“It won’t be listed in the markets until the idea is mature enough,” he said. “It might be after 2030, it might be before, but the idea and the strategy is to float it eventually.”
One of the Saudi media outlets says that the project was part of the Vision 2030 plan to overhaul the economy of Saudi Arabia, OPEC’s largest producer, and provide jobs for an overwhelmingly young population amid a global oil price decline since 2014.

Earlier in August this year Saudi Arabia had unveiled an enormous tourism project spanning more than 160 kms of the Red Sea coastline that will include transformation of 50 untouched islands into “an exquisite luxury tourism destination”.[/vc_column_text][/vc_column][/vc_row]

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Magnitude 7 earthquake strikes Russia’s Kamchatka Peninsula

A magnitude 7 earthquake struck Russia’s Kamchatka Peninsula region on Friday. The initial report placed the earthquake at a depth of 140 kilometres.

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earthquake-tremors

A magnitude 7 earthquake struck Russia’s Kamchatka Peninsula region on Friday, October 16, according to the European-Mediterranean Seismological Centre (EMSC).

The initial report placed the earthquake at a depth of 140 kilometres (approximately 87 miles). Details about the impact of the earthquake, including any damage or casualties, were not immediately available in the initial report.

Earthquake strikes seismically active Kamchatka region

Russia’s Kamchatka Peninsula is a seismically active region where earthquakes occur because of tectonic activity.

The latest earthquake was reported by the EMSC, which provided the initial magnitude and depth estimates. Further information about the situation on the ground was not available in the initial report.

What is known so far

  • Location: Kamchatka Peninsula region, Russia
  • Magnitude: 7.0
  • Date: Friday, October 16, 2026
  • Reported depth: 140 kilometres
  • Casualties and damage: Not provided in the initial report

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S Jaishankar says India is a natural option for Russia amid Europe tensions

External Affairs Minister S Jaishankar said India remained a natural option for Russia as Moscow increasingly turned towards Asia amid strained relations with Europe. He highlighted the continuity of India-Russia ties and their significance for the balance of power in Asia.

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External Affairs Minister S Jaishankar has described India as a natural option for Russia as Moscow increasingly looks towards Asia amid deteriorating relations with Europe. He said India’s longstanding relationship with Russia had remained steady despite significant changes in the international strategic landscape.

Jaishankar made the remarks during a conversation with John Micklethwait, editor-in-chief of the Bloomberg New Economy Forum. He discussed how the Russia-Ukraine war had affected Moscow’s relationship with Europe and contributed to Russia’s growing focus on Asia.

Jaishankar highlights Russia’s shift towards Asia

Jaishankar said Russia’s relationship with Europe had become deeply strained following the Ukraine war. He noted that Russia had historically viewed itself as a European country and placed considerable importance on its relations with Europe and the United States.

However, the conflict had pushed Moscow to look increasingly towards Asia,with much of that shift directed towards China.

The minister said it was in India’s interest, as well as the wider world’s interest, for Russia to maintain multiple relationships in Asia rather than having its options concentrated in one direction.

Against this backdrop, he described India as a natural partner for Russia, pointing to the longstanding nature of the relationship between the two countries.

India-Russia ties remain steady despite global changes

Jaishankar said India and Russia had maintained a consistent relationship over several decades. He emphasised that New Delhi continued to engage with Moscow even as the global order and Russia’s strategic calculations evolved.

According to the minister, India was reassuring Russia that the relationship built over nearly eight decades remained steady despite the changes in Moscow’s relations with Europe and the wider West.

He stressed that India was not passing a value judgment on those changes but was continuing its bilateral engagement with Russia.

Jaishankar said the relationship had benefited both countries and contributed to the balance of power and the broader status quo in Asia. 

Why the relationship matters for Asia

Jaishankar’s remarks highlighted India’s position in Russia’s changing regional outlook. As Moscow increasingly turns towards Asia, India continues to maintain its longstanding ties with Russia while navigating a changing international environment.

The minister’s comments underscored the importance he placed on preserving India-Russia ties and ensuring that Russia maintained multiple relationships in Asia. 

His assessment came against the backdrop of strained Russia-Europe relations following the war in Ukraine, which has reshaped Moscow’s engagement with Western countries and increased its focus on Asian partners.

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Putin praises PM Modi, says he has very good ideas on Ukraine war

Russian President Vladimir Putin has praised Prime Minister Narendra Modi for repeatedly raising the need to end the Ukraine war, describing his ideas for a settlement as “very good”.

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Vladimir Putin

Russian President Vladimir Putin has praised Prime Minister Narendra Modi for his continued efforts to promote an end to the Russia-Ukraine war, saying the Indian leader has “very good ideas” aimed at finding a mutually acceptable solution.

Putin made the remarks while addressing the Valdai Forum of international Russia experts, where he spoke about Modi’s repeated efforts to raise the issue of ending the conflict.

What Putin said about PM Modi

Putin said Modi has continued to raise the question of ending the conflict despite the close and friendly relationship between India and Russia.

According to Putin, the Prime Minister has shown a strong interest in finding a solution and has ideas that could help identify mutually acceptable ways to resolve the conflict.

Putin also described India’s position as neutral while highlighting Modi’s interest in bringing the conflict to an end through peaceful means.

The Russian president expressed gratitude to Modi for his ideas and his desire to see the conflict end as soon as possible.

Modi’s position on the Ukraine war

PM Modi has repeatedly called for dialogue and diplomacy to resolve conflicts, including during his meetings with Putin.

During their September 11 meeting in New Delhi, Modi reiterated that dialogue and diplomacy are the way forward for resolving conflicts.

Modi had also told Putin during their meeting on the sidelines of the Shanghai Cooperation Organisation summit in Bishkek that the situation needed to move from “endless war” towards an end to the war.

India has consistently maintained that conflicts should be addressed through dialogue and peaceful means, with Modi previously describing the present period as not being an era of war.

The Russia-Ukraine conflict began in February 2022 and has continued despite repeated diplomatic efforts to seek a resolution.

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