$500 Billion Investment Project
Neom, an initiative of Saudi Arabia's de facto ruler, crown prince Mohammed bin Salman, is a significant section of the kingdom that has been designated for development.
The project is being largely bankrolled by the Public Investment Fund, which invests funds on behalf of the government of Saudi Arabia contributing $500 billion to the scheme. It forms part of the Saudi Vision 2030 plan to diversify the country's economy in order to reduce its dependence on oil.
Neom encompasses an area of around 10,200 square miles (26,500 square kilometers) in northwestern Saudi Arabia. This is around the size of Albania. The area is bounded by the Red Sea to the south and the Gulf of Aqaba to the west. According to the developer, Neom will consist of 10 projects that they refer to as regions. So far, details of four of the regions have been announced. These are The Line, which is the most well-known, as well as Oxagon, Trojena, and Sindalah.