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Saudi Arabia announces $500-bn investment city linked to Egypt, Jordan

Saudi Arabia's economy, though rich, has struggled to overcome low oil prices

Reuters  |  Riyadh 

Saudi Arabia, seeking to free itself from dependence on oil exports has announced on Tuesday a $500 billion plan to build a business and industrial zone extending into Jordan and Egypt. The 26,500 square km (10,230 square mile) zone, known as NEOM, to be powered entirely by renewable energy, will focus on industries including energy and water, biotechnology, food, advanced manufacturing and entertainment, Saudi Crown Prince Mohammed bin Salman said. The announcement was the highlight at the opening of a three-day international business conference drawing over 3,500 people from 88 ...

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First Published: Tue, October 24 2017. 21:54 IST