Riyadh: Saudi Arabia's Crown Prince Mohammad bin Salman on Thursday announced an ambitious $500 billion independent economic zone, which would also offer a lifestyle that is currently non-existent.

The new zone will come up in the form of a city named Neom.

Earlier, the crown prince had sought global support to transform the kingdom of Saudi Arabia into an open society, where investors from all corners can put in their money.

Here are 11 key highlights of the about NEOM:

- NEOM will be the first capitalist city in the world.

- The mega-city will be floated on financial markets alongside oil giant Saudi Aramco as part of the kingdom's drive to diversify away from oil.

- The name mixed "neo", meaning new, with M, the first letter of the Arabic word stands for future.

- The new city will not follow the rules and regulations enforced in the rest of Saudi Arabia, which imposes sharia law based on a strict Wahhabi interpretation of Islam.

- NEOM is part of the crown prince's ambitious Vision 2030 plan to overhaul the economy of Saudi Arabia.

- The futuristic high tech hub will create more jobs, encourage entrepreneurs and permit new freedoms in a religion-dominated Saudi.

- It will be adjacent to the Red Sea and the Gulf of Aqaba and near maritime trade routes that use the Suez Canal

- It is set to serve as a gateway to the proposed King Salman Bridge, which will link Egypt and Saudi Arabia.

- The new city will not follow the rules as used in the rest of the Saudi and will offer residents a more liberal lifestyle. It will allow musical concerts and entertainment in a remote corner of the desert kingdom.

- It will be spread across 26,500 square km (10,230-square mile) zone extending into Jordan and Egypt.

- Fully owned by Saudi Arabia's sovereign Public Investment Fund (PIF), the venture is expected to be listed in the markets after 2030.

(With Reuters inputs)