Travel Saudi Arabia is building a $10 billion city on the sand — here's what it will look like

09:46  13 november  2017
09:46  13 november  2017 Source:   Business Insider

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Saudi Arabia is building the Knowledge Economic City in Medina, located 60 miles from the Red Sea coast. Knowledge Economic City Company. One neighborhood will include 900 villas, which will look like this.

× Recommended For You Powered by Sailthru. Saudi Arabia is building a $ 10 billion city on the sand — here ' s what it will look like .

The King Abdullah Financial District monorail© Provided by Business Insider The King Abdullah Financial District monorail Henning Larsen

For over 50 years, Saudi Arabia has depended on oil to power its economy. But in recent years, the kingdom has looked for new ways to diversify away from petroleum and create jobs.

The Saudi Arabian government has been working in recent years to transform hundreds of square miles of desert into new cities.

One of the developments under construction is the King Abdullah Financial District.

Below, take a look at the plans.

Saudi Arabia is building the King Abdullah Financial District (KAFD) north of Riyadh.

a large building© Provided by Business InsiderHenning Larsen

Source: Henning Larsen

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The Saudi Arabian government says it will build a 0 billion mega- city , with the goal of diversifying its economy to focus less on crude oil. The project, called NEOM, will measure 10 ,230 square miles.



Designed by architecture firm Henning Larsen, the 17.2 million-square-foot master plan calls for over 60 residential, office, and retail towers, several schools and parking garages, a medical clinic, civic buildings, and three hotels.

a view of a city© Provided by Business InsiderHenning Larsen

It will be able to house 50,000 residents when complete.

a group of people in a city© Provided by Business InsiderHenning Larsen

One of the plazas will include a mosque.

  Saudi Arabia is building a $10 billion city on the sand — here's what it will look like © Provided by Business InsiderHenning Larsen

To cope with the desert heat, the master plan calls for a network of elevated passenger bridges cooled by solar power. Dubbed skywalks, they will connect 30 buildings in the district.

a group of people walking down a street next to a palm tree© Provided by Business InsiderHenning Larsen

Part of the KAFD will also include a monorail, according to the architects.

  Saudi Arabia is building a $10 billion city on the sand — here's what it will look like © Provided by Business InsiderHenning Larsen

Construction, which began in 2006, is over 70% complete. The government doesn't have a set timeline for its completion.

a group of palm trees with a building in the background© Provided by Business InsiderHenning Larsen

Source: Bloomberg

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The Saudi Arabian government says it will build a 0 billion mega- city , with the goal of diversifying its economy to focus less on crude oil. The project, called NEOM, will measure 10 ,230 square miles and run on 100 percent renewable energy.

Saudi Arabia is building a $ 10 billion city on the sand — here ' s what it will look like . Here ' s how Amazon's and Apple's new smart speakers stack up with consumers. This animation shows how terrifyingly powerful nuclear weapons have become.



The entire project is expected to cost over $10 billion. Around $8 billion has already been spent.

a view of a tall building© Provided by Business InsiderHenning Larsen

Source: Reuters



The KAFD is envisioned as a business hub that will lure financial and law firms, banks, and the kingdom's stock exchange and capital-market authority (which is currently headquartered in Riyadh).

a group of people standing in front of a building© Provided by Business InsiderHenning Larsen

The district's "Crystal Towers," which opened this summer, house offices and retail. A skywalk connects the two buildings.

a group of people riding skis on top of a building© Provided by Business InsiderHenning Larsen

However, construction delays and funding issues have stunted the project. The government aims to open the first 15 office, residential, and commercial towers by the end of this year.

a large body of water with a city in the background© Provided by Business InsiderReuters

Source: Reuters



Reuters also reports that the district has had trouble attracting tenants.

a top view of a city© Provided by Business InsiderReuters

Source: Reuters

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Saudi Arabia is building the Knowledge Economic City in Medina, located 100km from the Red Sea coast. One neighbourhood will include 900 villas, which will look like this. The retail space will include a 49,000-square-metre strip mall.

Saudi Arabia Is Building a 0- Billion New Territory Based on Tech and Liberal Values. November 1, 2017. At this initial stage it is unclear what Neom will look like , but we may get a taster thanks to another “future city ” project to be built in Canada albeit on a much smaller scale.



The Saudi Public Pension Agency owns the district. According to Bloomberg, the government hopes to attract banks with economic incentives, including tax breaks that could extend a decade or more.

a man standing in front of a building© Provided by Business InsiderReuters

The Saudi government also said in 2016 that it will offer visa exemptions for foreigners working in the KAFD. Some of the kingdom's strict social codes, including one requiring women to wear dark robes, will be relaxed.

a pile of rocks© Provided by Business InsiderHenning Larsen

Source: Reuters



But authorities have yet to confirm these regulations, making it harder to attract people. Some potential tenants and investors are less optimistic than the district's planners about its future success.

a view of a city© Provided by Business InsiderGetty Images

"The potential is amazing. The inside is impressive," one Dubai-based expat, who toured the site and preferred to remain anonymous, told Reuters. But he added, "It will not be finished. Decision-making is very slow (on the project, and) people don't have cash."



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