RIYADH, SAUDI ARABIA — The Saudi Arabian government says it plans to build a $500 billion mega-city that stretches into Jordan and Egypt, and is completely powered by renewable energy. <br /> <br />Saudi Crown Prince Mohammed bin Salman announced the project on Tuesday at the Future Investment Initiative conference in Riyadh, Business Insider reported. <br /> <br />The project is called NEOM and will measure 10,230 square miles, which is 33 times larger than New York City, according to Business Insider. <br /> <br />The $500 billion dollars will come from the Saudi government, its sovereign wealth fund and investors, according to the statement released at the conference, Bloomberg reported. <br /> <br />One of the main goals of NEOM will be to diversify Saudi Arabia's economy in an attempt to move it beyond oil. <br /> <br />The mega-city will focus on industries such as energy and water, biotechnology, food, advanced manufacturing and entertainment, Business Insider reported. <br /> <br />No master plans have been released yet as to what the city will look like.
