It is no news that Saudi Arabia is the world’s largest oil exporter. In order to boost its economy further, the country has decided to build a $500 billion mega-city.

The plans regarding the new project were announced by Crown Prince Mohammad Bin Salman at the Future Investment Initiative conference in Riyadh. The new project is currently named NEOM and will function separately from the existing government framework of the country.

NEOM will be backed up by $500 billion in funds by Saudi Arabia government and private investors. The project will cover the area of 26,500 sq km – 33 times the land area of New York City if put in comparison. Connecting to Jordan and Egypt; the mega-city will be powered entirely by renewable energy.

Dubai to build a Mars-like city

The objective of this city is to reduce the Saudi kingdom’s dependency on oil exports that can possibly expand the country’s economy beyond oil, according to Bin Salman. The focus of the city would be on various industries like energy and water, food, advanced manufacturing, biotechnology, and entertainment, reported Business Insider.

Prince Salman stated, “NEOM will be constructed from the ground up, on greenfield sites, allowing it a unique opportunity to be distinguished from all other places that have been developed and constructed over hundreds of years.

“The plan includes proposals to build a huge bridge across the Red Sea, connecting the new city to Egypt, Jordan and the rest of Africa, creating the world’s first independent special zone stretching over three countries,” wrote CNN Money.

NEOM is expected to complete its first section by the year 2025. A master plan is however, yet to be revealed. The Prince expressed, “This place is not for conventional people or conventional companies, this will be a place for the dreamers for the world. The strong political will and the desire of a nation. All the success factors are there to create something big in Saudi Arabia. Dreaming is easy, achieving it is difficult.”