Saudi Arabia launches mega-zone on Red Sea

Saudi Arabia launches mega-zone on Red SeaSaudi Arabia on Tuesday announced the launch of an independent economic zone on the Red Sea, three times the size of Cyprus and with a half a trillion dollars in projected investments. The zone, dubbed NEOM, covers an uninterrupted coastline of nearly 470 kilometres (290 miles) in northwestern Saudi Arabia and will extend into territories in neighbouring Jordan and Egypt, a statement released by the kingdom’s Public Investment Fund said. The announcement came hours after the opening of the Future Investment Initiative, a three-day economic conference that brings together some 2,500 dignitaries, including 2,000 foreign investors.

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