Oct. 24 (UPI) -- A $500 billion megacity is planned for Saudi Arabia's Red Sea coast, officials announced Tuesday at a global business conference in Riyadh.
Speaking at the opening of the Future Investment Initiative, Saudi Prince Mohammed bin Salman said the new city, to be called Neom, "will be constructed from the ground-up ... allowing it a unique opportunity to be distinguished from all other places that have been developed and constructed over hundreds of years."