"NEOM's larger goal is to lessen Saudi Arabia's reliance on oil exports, which could expand the country's economy beyond oil, bin Salman said at the conference in October. The city will focus on a variety of industries, including energy and water, biotechnology, food, advanced manufacturing, and entertainment. Saudi Arabia hasn't released a masterplan yet for what it will look like.
The country appointed Klaus Kleinfeld, a former chief executive of Siemens AG and Alcoa Inc, to run the NEOM project. Officials hope that a funding program, which includes selling 5% of oil giant Saudi Aramco, will raise $300 billion for NEOM's construction.
The project could make NEOM one of the largest cities to run without fossil fuels. In the US, one of the largest cities to run on 100% renewable energy is Burlington, Vermont, which doesn't come close to the planned size of NEOM. Cities in Iceland and Norway also claim to be close to achieving entirely renewable electrical grids with help from natural resources like hydropower and geothermal heat.
Saudi Arabia expects to complete NEOM's first section by 2025."
http://www.independent.co.uk/news/world/saudi-arabia-building-billion-mega-bigger-new-york-city-a8230731.html
The country appointed Klaus Kleinfeld, a former chief executive of Siemens AG and Alcoa Inc, to run the NEOM project. Officials hope that a funding program, which includes selling 5% of oil giant Saudi Aramco, will raise $300 billion for NEOM's construction.
The project could make NEOM one of the largest cities to run without fossil fuels. In the US, one of the largest cities to run on 100% renewable energy is Burlington, Vermont, which doesn't come close to the planned size of NEOM. Cities in Iceland and Norway also claim to be close to achieving entirely renewable electrical grids with help from natural resources like hydropower and geothermal heat.
Saudi Arabia expects to complete NEOM's first section by 2025."
http://www.independent.co.uk/news/world/saudi-arabia-building-billion-mega-bigger-new-york-city-a8230731.html