Saudi Arabia’s ambitious NEOM megacity project is consuming 20% of the world’s steel supply, according to its Chief Investment Officer. This $1.5 trillion initiative, envisioned by Crown Prince Mohammed bin Salman, aims to reshape urban living with advanced technology and renewable energy.
NEOM is a key part of Saudi Arabia’s plan to diversify its economy beyond oil. The project includes futuristic developments like “The Line,” a city designed for sustainability, and Oxagon, an innovative industrial hub. Both are set to set new standards for smart, eco-friendly cities.
Also read: After Neom, Saudi Crown Prince MBS Unveils Ambitious Plan To Build New Country
Although NEOM is not expected to be completed until at least 2045, it is already making a global impact by driving demand for construction materials like steel. The project is positioned to lead the way in future urban development, making waves in both the construction and technology sectors.
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