>> Saudi Arabia's planned $500 billion mega city will be floated on the stock exchange. Alongside oil giant, Saudi Aramco, Crown Prince Mohamed Bin Salman has told Reuters.>> But the rest of the world will know that this is where a new way of living began.>> The business and industrial zone called Neom will extend into neighboring Jordan and Egypt, covering more than 10,000 miles.
Neom was announced this week at a vast investment conference in Riyadh. Prince Mohammed said it would be quote, the first capitalist city in the world. Until it is listed, Neom will be owned by Saudi's Sovereign Wealth Fund.>> Over 25,000 square kilometers.>> It will be powered by renewable energy and attract investments in biotechnology, advanced manufacturing and entertainment.
And residents will enjoy a more liberal lifestyle than elsewhere in Saudi Arabia, which imposes a strict version of Islam. Noem is part of an ambitious plan for the future by the Prince, who became next in line to the throne in June. He wants to modernize the kingdom, provide opportunities for young people, and end the kingdom's dependency on oil.