Saudi Arabia’s Crown Prince Mohammed bin Salman has announced plans for a new £380 billion city to be built to run entirely on alternative energy and be an innovation hub for the future.
The project, dubbed Neom, will be built on untouched land along the country’s Red Sea coastline near Egypt and Jordan.
The ambitious project could lead the way in the use of drones, driverless cars and robotics.
The kingdom’s sovereign wealth fund, which the crown prince chairs, the Saudi government and global technology firms will help build the city.
Prince Mohammed announced the project at a major investment conference in Riyadh aimed at shining a spotlight on the kingdom’s efforts to diversify its revenue streams away from dependence on oil exports.
The Future Investment Initiative conference is being attended by giants in the business world, corporate managers from some of the world’s largest firms and senior Saudi officials.