Saudi Crown Prince Mohammed bin Salman announced the launch of ‘NEOM’ city project Tuesday, an initiative to construct an integrated investment zone in Northwest of Kingdom of Saudi Arabia.

Saudi Press Agency (SPA) reported that kingdom of Saudi Arabia will construct several projects in cooperation with both the Egyptian and Jordanian governments.

The kingdom will inject $ 500 billion in investments for the project within the upcoming years, to be funded by the Public Investment Fund as well as Saudi and foreign investors, SPA added.

The NEOM project will focus on nine investment sectors, namely, energy and water, transportation, biotechnology, food, technological and digital sciences, advanced manufacturing, media and media production, and entertainment.

Bin Salman added that the project will rely on global modern technology and alternative energy, namely solar and wind power.

The project will be a chance to develop the touristic activity in Sinai and Suez Canal Area Development Project said Egyptian Minister of Investment, Sahar Nasr.

NEOM is situated in one of the world’s most prominent economic arteries, through which nearly a tenth of the world’s trade flows. It spans over 26,500 km2, overlooking the waterfront of the Red Sea to the South and the West, and the Gulf of Aqaba, enabling 70 percent of the world’s population to reach it in under eight hours.

Edited Translation from Al-Masry Al-Youm