Saudi Arabia just announced plans to build a $500 billion mega-city that's 33 times the size of New York City.
Saudi Arabia is the world's largest oil exporter, but falling oil prices have made it more difficult for the country to pay its oil workers.
Now the Saudi Arabian government has come up with a project that could give its economy a boost: a $500 billion mega-city that will connect to Jordan and Egypt and be powered completely by renewable energy.
On Tuesday, Saudi Crown Prince Mohammed bin Salman announced the project, called NEOM, at the Future Investment Initiative conference in Riyadh. It will be financed by the Saudi government and private investors, according to Reuters.
The business and industrial-focused city will span 10,230 square miles. To put that size in perspective, 10,230 square miles is more than 33 times the land area of New York City. Read the full article here...
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