"NEOM debuted at a conference this week in Riyadh, dubbed "Davos in the desert" and effectively a giant marketing pitch to draw in dollars as part of Saudi Arabia's effort to reform its oil-dependent economy. It manages to be simultaneously ambitious and derivative -- which underscores a central challenge facing the country and the global oil market that depends on it.

On the ambitious side of the ledger, offering people "a lifestyle that surpasses that of any other metropolis" isn't even NEOM's most aggressive claim. It is supposed to cover just over 10,000 square miles of desert in Saudi Arabia's northwestern corner -- big enough to accommodate about 37 Singapores.

What's more, NEOM will also apparently spread into Egypt (via a proposed bridge) and Jordan, creating a transnational economic zone in the heart of the Middle East.

From this blankest of slates will arise an advanced hub featuring the latest technology in everything from seawater farming to artificial intelligence to 100 percent renewable energy. By 2030, its GDP is expected to top $100 billion, equivalent to about a sixth of Saudi Arabia's current economy and about the same as for that other desert outpost, Las Vegas. Leading the charge to build this mega-city is none other than Klaus Kleinfeld, the soccer-loving former CEO of Arconic Inc. who was ousted in April.

Now, look, it's easy to scoff. Remember, though, that NEOM is basically a giant real-estate pitch, and the hyperbole -- I got my annual allowance of "idyllic" in the five minutes it took me to read the fact-sheet -- doesn't look so strange."

source: Saudi Arabia's NEOM: Oasis or Sand Castle?