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IPFS News Link • Saudi Arabia

Saudi Arabia: $500 Billion Smart City 33 Times Size Of New York

• technocracy.news By Leanna Garfield

Saudi Arabia is the world's largest oil exporter, but falling oil prices have made it more difficult for the country to pay its oil workers.

Now the Saudi Arabian government has come up with a project that could give its economy a boost: a $500 billion mega-city that will connect to Jordan and Egypt and be powered completely by renewable energy.

In October 2017, Saudi Crown Prince Mohammed bin Salman announced the project, called NEOM, at the Future Investment Initiative conference in Riyadh. It will be financed by the Saudi government and private investors, according to Reuters.

The country is now starting to award contracts to local construction companies for the development of five palaces. Set to be located on the Red Sea coast, the palaces will be for the king, crown prince, and other senior royals. According to Reuters, the buildings will feature traditional Moroccan-style architecture, Islamic designs, and colorful ceramic tiles. The complex of palaces will include a marina, helipads, and a golf course.