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RIYADH: A virtual reality show illustrating what the soon-to-be-constructed Neom city will look like drew big crowds at the Future Investment Initiative in Riyadh yesterday.
Plans for the $500 billion mega city and business zone on the Red Sea were unveiled on Tuesday by Saudi Crown Prince Mohammed bin Salman.
Neom will be one of the biggest projects of its kind and will be powered by renewable energy such as solar and wind, be drone-friendly and a center for new technologies including research into areas such as artificial intelligence.
The demonstration at the forum highlighted Neom’s potential and offered delegates a glimpse of the future, with robots on hand to answer questions from curious and sometimes amused delegates.
People were taken into an enclave at half-hour intervals for a guided tour that lasted 15 minutes. The show started with a panoramic video of the project and displayed dazzling examples of what a 21st century smart city might look like. Neom will focus on industries including energy and water, biotechnology, food, advanced manufacturing and entertainment, the crown prince said won Tuesday.
“The focus on these sectors will stimulate economic growth and diversification by nurturing international innovation and manufacturing, to drive local industry, job creation, and GDP growth in the Kingdom,” he said. Neom will attract private as well as public investments and partnerships.
The zone will be financially supported by KSA, the Saudi Public Investment Fund, and local and international investors.
The business and industrial city will be located in the Kingdom’s northwestern region and is the world’s first zone to extend across three countries, stretching its borders into neighboring Jordan and Egypt. It will be adjacent to the Red Sea and the Gulf of Aqaba, and near maritime trade routes that use the Suez Canal.
Inside the main forum, meanwhile, panel discussions looked at themes such as: “How is the next generation reshaping business, culture, investment, and society?”
Delegates heard that in many countries, people under the age of 30 represented the largest demographic — and the central economic force of the future.
“Tidal waves of young people were entering the job market and creating significant challenges and even greater opportunities,” said one panelist. Speakers discussed ways of coping with the huge demands on societies, both economic and political, that are certain to arise in the years ahead.