Recent Development of 700 billion Dollars in a Tourist HotSpot! In Saudi Arabia
Saudi Arabia is Planning to build a $200 billion Solar Power Project!
The Japanese tech company’s billionaire CEO, Masayoshi Son, and Saudi Crown Prince Mohammed bin Salman announced plans late Tuesday in New York for the world’s biggest solar project, The huge project will be partially bankrolled by the massive $93 billion SoftBank Vision Fund, The Basic Investment is $5 billion of which $1 billion will be provided by SoftBank, Son said “The rest will come from loans that will be paid off through revenue generated by selling electricity from the vast solar project”.
The project is expected to finish in 2030 and it will take 10 decades of construction. Construction of this project will create entire industries in Saudi for the manufacturing and installation of solar equipment. This Solar Power Plant will generate 200 gigawatts of energy, far more than any existing SolarPower Plant.It would provide enough electricity to 24/7 power about 20 billion LED light bulbs.
The Crown Price wants to divert his Country’s Economy from oil to various new sectors, which include high-profile investments in technology and plans for a vast new $500 billion city.The new Solar Power Project will involve the construction of solar parks throughout Saudi Arabia and a large battery to store the energy generated by the panels.This new project will save Saudi Arabia $40 billion in Electricity
$500 Billion Mega City NEOM
Saudi Crown Prince Mohammed bin Salman wants to open his country as a Tourist HotSpot, He is working on Mega Projects, Saudi Arabia plans to build a new $500 billion metropolis that spans three countries which are named NEOM, It is a Mega Project to Reshape The Economy of The Oil-Rich Kingdom, The Crown Prince has many plans for this metropolis, The metropolis will make use of High Tech Technology such as Self Driving Cars, Passenger Drones and The whole City will be Powered by Regenerative Energy.
The city, which will be built across 26,500 square kilometers (10,231 square miles) near the Red Sea.its land mass will extend across the Jordanian and Egyptian borders. Neom will be built upon Green Fields, It will cost $500 billion to build this City
Financial funds will be provided by Saudi Arabia Government and many local and international investors are joining in building this city, This Mega Metropolis Attracted International Investors like SoftBank (SFTBF) founder Masayoshi Son and Blackstone CEO Stephen Schwarzman, It is predicted It will be One of The Biggest Tourist Attraction Spots In the World.
For This Massive Project, The Crown Prince said there no set timeline for the development.
He said “This is a challenge, “We know this takes time … we are under pressure to deliver something new and to give innovative ideas, The Government said it will invest 3 Billion$ in its Entertainment Industry
The Crown Prince Mohammed bin Salman is dedicating all of his Country’s money in making it a Tourist Attraction