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AI NEOM City is for sale!

Neom is a city being built in Tabuk Province in northwestern Saudi Arabia. It is planned to incorporate smart city technologies and function as a tourist destination. The site is north of the Red Sea, east of Egypt across the Gulf of Aqaba, and south of Jordan.

It is planned to cover a total area of 26,500 km2 (10,200 sq mi), extending 170 kilometres along the coast of the Red Sea.

Saudi Arabia aimed to complete major parts of the project by 2020, with an expansion completed in 2025, but it is behind schedule. The project has an estimated cost of $500 billion. On January 29, 2019, Saudi Arabia announced that it had set up a closed joint-stock company named Neom. The aim of this company, which is wholly owned by the Public Investment Fund, the Saudi sovereign wealth fund, is to develop the economic zone of Neom. The project is planned to be totally powered by renewable energy sources. Experts have expressed skepticism about the ambitions of the megaproject. According to a 2022 report in The Economist, only two buildings have been constructed thus far, and most of the project area remains bare desert.

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