In 2017, the Crown Prince of Saudi Arabia, Mohammed bin Salman, announced the launch of the nation’s futuristic and fully automated business zone, NEOM. This hi-tech business hub, to be located in the Tabuk province in the northwestern part of Saudi Arabia along the Red Sea coast, is to be established at a cost of US $500 billion (INR 37.5 lakh crore).
The region has been selected in view of its relatively mild climate. Most of Saudi Arabia has a desert climate with extremely oppressive day temperatures of above 45° Celsius. The project’s total area is slated to be 26,500 square kilometre and will link Jordan and Egypt via Saudi territory. The project is expected to generate 380,000 jobs and contribute US $48 billion (INR 36,000 crore) to the kingdom’s GDP by 2030.