Saudi Arabia plans to establish new industrial zone
Neighboring the Red Sea and frequently used trade routes across the Suez Canal, the new zone, named NEOM, will reportedly cover an area of 26,500 square km and provide a strategic location.
Saudi Arabia’s Public Investment Fund (PIF) stated that the new zone, which is planned to act autonomously in its taxation and judicial activities, will link Asia with Europe and Africa as a global gateway.
Saudi Aramco’s plan to sell 5% of its shares in an initial public offering at a value of nearly $100 billion is expected the support the massive project’s estimated $500 billion cost.
Although, Jordan and Egypt declined to comment on the new plan at the time of publication, Saudi Arabia was said to be in talks with potential investors to realize the first phase of the project as of 2025 and a chief executive officer for the project was already appointed.
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