Browsing: Kingdom Saudi Arabia

• Saudi Arabia’s Neom futuristic city estimated to costs in excess of $8.8 trillion.
• Neom features a floating industrial complex, global trade hub, tourist resorts.
• The city, which is powered by 100% renewable energy, is plagued by delays and cost overruns.

Neom, an ambitious fusion of architecture and ecology, is a futuristic city under construction in Saudi Arabia’s Tabuk Province. Touted as an unprecedented mega-investment, it serves as a case study for policymakers in Africa, highlighting both the opportunities and challenges of large-scale urban development.

According to a recent statement from Neom’s management, the project is set for completion by 2039. The name “Neom” blends the Ancient Greek prefix neo- (meaning “new”) with Mostaqbal, the Arabic word for “future.”

With an estimated cost exceeding $8.8 trillion—over 25 times Saudi Arabia’s annual budget—the new city is among the world’s most ambitious urban projects. Launched in 2017, it spans 26,500 km² and features …

• The Saudi Arabia-Africa Summit has reaffirmed bilateral relations between the two regions.
• Saudi Arabia announced a 600 billion euro wealth fund to support Africa’s development.
• Through the Green Middle East Initiative, Saudi Arabia is assisting several African countries in planting over 50 billion trees to reduce more than 10% of global carbon emissions.

Saudi Arabia has pledged to increase its investment in Africa through its 600 billion euro wealth fund and its Public Investment Fund. The Kingdom’s Investment Minister, Khalid Al-Falih, made the pledge at the opening of the Saudi Arabia African Economic Conference in Riyadh on November 10.

Khalid Al-Falih stated that Saudi Arabia has resolved to make some “game-changing” investments in Africa. To kick off the investment pledge, Saudi Arabia signed preliminary energy agreements with Nigeria, Senegal, Chad, and Ethiopia.

In the same vein, Saudi Arabia has also pledged to help reduce Africa’s debt burden, with Ghana set …