Saudi Crown Prince launches zero-carbon city in NEOM business zone

By Marwa Rashad DUBAI/LONDON (Reuters) - Saudi Arabia's crown prince on Sunday unveiled plans to build a zero carbon city at NEOM, the first major construction project for the $500 billion flagship business zone aimed at diversifying the economy of the world's largest oil exporter. Prince Mohammed bin Salman, in a rare televised appearance, said the city, known as 'The Line', would extend over 170 km (105 miles) and be able to house one million residents in 'carbon-positive urban developments powered by 100% clean energy'.

Reuters January 11, 2021 05:05:25 IST
Saudi Crown Prince launches zero-carbon city in NEOM business zone

Saudi Crown Prince launches zerocarbon city in NEOM business zone

By Marwa Rashad

DUBAI/LONDON (Reuters) - Saudi Arabia's crown prince on Sunday unveiled plans to build a zero carbon city at NEOM, the first major construction project for the $500 billion flagship business zone aimed at diversifying the economy of the world's largest oil exporter.

Prince Mohammed bin Salman, in a rare televised appearance, said the city, known as "The Line", would extend over 170 km (105 miles) and be able to house one million residents in "carbon-positive urban developments powered by 100% clean energy".

"Why should we sacrifice nature for the sake of development?" Prince Mohammed said. "We need to transform the concept of a conventional city into that of a futuristic one."

There have been few announcements regarding NEOM since it was first announced by de facto ruler Prince Mohammed to much fanfare in 2017 as a pillar of his Vision 2030 plan to rid the Saudi Arabia of its reliance on crude revenues.

A Saudi statement said construction would start in the first quarter of 2021 and that the city was expected to contribute $48 billion to the kingdom's gross domestic product and create 380,000 jobs. No value was announced for the project.

Prince Mohammed outlined key highlights of the city: zero cars, zero streets, zero carbon emissions and Artificial Intelligence.

NEOM, a 26,500 square km (10,230 square mile) high-tech development with several zones, including an industrial and logistics areas, is planned for completion in 2025.

Saudi Arabia's efforts to attract foreign capital and investment were dealt a blow in 2018 after many Western investors were unnerved by the murder of prominent journalist Jamal Khashoggi in the kingdom's Istanbul consulate which triggered an international furore.

Last year, a sharp drop in oil prices and the outbreak of COVID-19 dealt a blow to the Saudi economy.

(Reporting by Marwa Rashad, Ghaida Ghantous and Nayera Abdallah; Editing by Alexander Smith and Bernadette Baum)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

U.S. economy suffers job losses as COVID-19 ravages restaurants, bars
Business

U.S. economy suffers job losses as COVID-19 ravages restaurants, bars

By Lucia Mutikani WASHINGTON (Reuters) - The U.S. economy shed jobs for the first time in eight months in December as the country buckled under an onslaught of COVID-19 infections, suggesting a significant loss of momentum that could temporarily disrupt the recovery from the pandemic

Stimulus hopes push global equity markets to new records, bonds hit 11-month lows
Business

Stimulus hopes push global equity markets to new records, bonds hit 11-month lows

By David Randall NEW YORK (Reuters) - A global equities rally pushed Japan's Nikkei and U.S. stock benchmarks to new records on Friday while safe havens such as Treasuries and gold sold off as investors looked past political unrest in the United States and focused on further stimulus to mend the economic damage of the coronavirus pandemic.

'Failure at the top:' After U.S. Capitol stormed, security chiefs out
World

'Failure at the top:' After U.S. Capitol stormed, security chiefs out

By Jonathan Landay, Patricia Zengerle and David Morgan WASHINGTON (Reuters) - The chief of the U.S. Capitol Police will resign, according to media reports on Thursday, a day after the federal force charged with protecting Congress was unable to keep supporters of Republican President Donald Trump from storming the building. House of Representatives Speaker Nancy Pelosi had called on Capitol Police Chief Steven Sund to step down after officers in the 2,000-member force fell back as crowds advanced on Wednesday