{"id":30370,"date":"2017-10-26T17:50:23","date_gmt":"2017-10-26T12:20:23","guid":{"rendered":"https:\/\/apnlive.com\/?p=30370"},"modified":"2017-10-26T18:13:30","modified_gmt":"2017-10-26T12:43:30","slug":"vision-2030-saudi-crown-prince-unveils-dream-city-project","status":"publish","type":"post","link":"https:\/\/apnlive.com\/world-news\/vision-2030-saudi-crown-prince-unveils-dream-city-project\/","title":{"rendered":"Vision 2030: Saudi Crown Prince Unveils Dream City Project"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]This place is not for conventional people <\/em><\/p>\n

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\u2019s drive to diversify away from oil.<\/p>\n

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.<\/p>\n

Earlier on Tuesday Crown Prince Mohammed bin Salman<\/a> had pledged to destroy \u201cextremist ideologies\u201d and return to a moderate Islam that is open to all religions.<\/p>\n

The daily considered to be the mouthpiece of the Kingdom said, \u201cThe surprise announcement is the latest \u2014 and most extraordinary \u2014 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.\u201d<\/p>\n

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.<\/p>\n

$\"Vision$ <\/p>\n

Neom will be independent of Saudi regulation and will adopt a \u201cseparate regulatory framework.\u201d\u00a0 The Crown Prince was quoted saying, \u201cThis place is not for conventional people or conventional companies. This will be a place for the dreamers of the world.”<\/p>\n

The mega city will be fully owned by Saudi Arabia\u2019s sovereign Public Investment Fund (PIF) until its listing, and will attract investments from companies in renewable energy, biotechnology, advanced manufacturing and entertainment.<\/p>\n

Attracting foreign investors the Crown Prince said, \u201cWithout a doubt, at the end of the day Neom will be floated in the markets. The first zone floated in the public markets. It\u2019s as if you float the city of New York.\u201d<\/p>\n

\u201cIt won\u2019t be listed in the markets until the idea is mature enough,\u201d he said. \u201cIt might be after 2030, it might be before, but the idea and the strategy is to float it eventually.\u201d
\nOne of the Saudi media outlets says that the project was part of the Vision 2030 plan to overhaul the economy of Saudi Arabia, OPEC\u2019s largest producer, and provide jobs for an overwhelmingly young population amid a global oil price decline since 2014.<\/p>\n

Earlier in August this year Saudi Arabia<\/a> 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 \u201can exquisite luxury tourism destination\u201d.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"