RIYADH, Saudi Arabia (AP) — The Latest on a major investment conference being held in Saudi Arabia (all times local):
Saudi Arabia's Crown Prince Mohammed bin Salman has announced plans for a new $500 billion city to be built in the country's northwest that will be run entirely on alternative energy and be an innovation hub for the future.
The project, dubbed Neom, will be built on untouched land along the country's Red Sea coastline near Egypt and Jordan. The ambitious project could lead the way in the use of drones, driverless cars and robotics.
The kingdom's sovereign wealth fund, which the crown prince chairs, the Saudi government and global technology firms will help build the city.
Prince Mohammed announced the project Tuesday at a major investment conference in Riyadh aimed at shining a spotlight on the kingdom's efforts to diversify its revenue streams away from dependence on oil exports.
Saudi Arabia has opened a major investment conference aimed at shining a spotlight on the country's efforts to diversify its revenue streams and overhaul its economy and society.
At the heart of these reforms are plans to build the world's largest sovereign wealth fund. The kingdom hopes to do this by listing less than 5 percent of state-owned oil firm Aramco and transferring control of those funds to its Public Investment Fund, or PIF as its known. The fund grabbed headlines with a $3.5 billion investment in ride-hailing service Uber last year.
The conference, dubbed the Future Investment Initiative , starts Tuesday and runs for three days. It's being attended by giants in the business world, corporate managers from some of the world's largest firms and top Saudi officials.