Saudi Arabia’s crown prince disclosed plans on Sunday to build a zero-carbon city at NEOM. It is the first major construction project for the $500 billion flagship business zone, NEOM. The project’s objective is to diversify the economy of the world’s largest oil exporter.
Prince Mohammed bin Salman said the city, known as The Line, would extend over 170 km (105 miles). Moreover, it would be able to house a million residents in carbon-positive urban developments powered by 100% clean energy.
He also mentioned the need to transform the concept of a conventional city into a futuristic one.
It was the conclusion of three years of preparation. Its infrastructure would cost $100 billion to $200 billion, he added.
The cornerstone investor in NEOM is the kingdom’s sovereign wealth fund, which is the Public Investment Fund. That is a 26,500-square-km high-tech development on the Red Sea with several zones. It includes industrial and logistics areas, planned for completion in 2025.
There have been few reports about NEOM since its announcement in 2017. That was by de facto ruler Prince Mohammed to much fanfare that year as a pillar of his Vision 2030. This was his plan to rid Saudi Arabia of its reliance on crude oil revenues.
A Saudi statement said construction would start in Q1 of 2021. Furthermore, the city was expected to contribute $48 billion to the kingdom’s gross domestic product and create 380,000 jobs.
Prince Charles Tells Business to Put Planet and People First
Prince Charles of Great Britain will urge businesses on Monday to put the planet and its people first. He is launching a new charter of sustainability backed by some major global companies.
The new “Terra Carta” evokes England’s ancient Magna Carta that defined citizens’ rights eight centuries ago. Notably, it comprises nearly 100 actions that signatory firms must take for a sustainable future.
The prince will make an appeal to leaders to bring prosperity into harmony with nature, people and planet.
At age 72, Prince Charles has championed environmental causes for decades now. He has warned that global warming and climate change are the greatest threats to humanity.
He will encourage those in industry and finance to provide practical leadership to this common project.
Bank of America, AstraZeneca, HSBC, and BP are some of the companies backing Terra Carta. It was designed by Apple Inc’s former chief designer Jony Ive and his company LoveFrom.
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