Saudi Arabia will invest 40 billion riyals ($10.6 billion) in developing local infrastructure projects in 11 cities, state TV reported on Saturday citing the Ministry of Municipal and Rural Affairs and Housing.
Earlier in September, Saudi Arabia’s finance ministry signed financing agreements with local banks worth 25 billion riyals ($6.65 billion) to fund infrastructure projects due to start in 2023-2024, the National Debt Management Center said.
Vision 2030, a roadmap drawn up by Crown Prince Mohammed bin Salman, was launched to develop the Kingdom’s strategic position, investment power and place at the center of the Arab world and the region.
In 2017, NEOM was announced by the Crown Prince as part of the Kingdom’s drive to diversify its oil-reliant economy.
The Crown Prince intends NEOM to be a futuristic, sustainable community joined together by The Line – a 170-kilometer stretch of car-free communities linked by public transport.