Saudis $500 billion plan to NEOM business city

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Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman (2nd L) on April 19, 2017 in Riyadh, Saudi Arabia.

Saudi Arabia announced on Tuesday a $500 billion plan to build a business and industrial zone that links with Jordan and Egypt, the biggest effort yet to free the kingdom from dependence on oil exports.

The 26,500 square km (10,230 square mile) zone, known as NEOM, will focus on industries including energy and water, biotechnology, food, advanced manufacturing and entertainment, Saudi Crown Prince Mohammed bin Salman said.

Speaking at the Future Investment Initiative in Riyadh, the crown prince said people with vision would see the opportunity.

“This place is not for conventional people or conventional companies, this will be a place for the dreamers for the world,” he said, speaking on a panel at the conference Tuesday. “The strong political will and the desire of a nation. All the success factors are there to create something big in Saudi Arabia,” he added.

Saudi Arabia’s economy, though rich, has struggled to overcome low oil prices. Prince Mohammed has launched a series of economic and social reforms — such as allowing women to drive — to modernize the kingdom.

Officials hope a privatization program, including the sale of 5 percent of oil giant Saudi Aramco, will raise $300 billion.