State TV said on Saturday, citing the Ministry of Municipal and Rural Affairs and Housing, that Saudi Arabia will spend 40 billion riyals ($10.6 billion) on building local infrastructure projects in 11 cities.
The National Debt Management Center said that earlier in September, the Saudi Arabian finance ministry struck financing arrangements with regional banks totaling 25 billion riyals ($6.65 billion) to fund infrastructure projects scheduled to begin in 2023 or 2024.
With the goal of strengthening the Kingdom’s strategic position, its ability to attract investment, and its position at the heart of the Arab world and the region, Crown Prince Mohammed bin Salman unveiled a plan called Vision 2030.
The Crown Prince introduced NEOM in 2017 as part of the Kingdom’s effort to diversify its oil-dependent economy.
The Line, a 170-kilometer length of car-free villages connected by public transportation, is the Crown Prince’s vision for NEOM, a sustainable, futuristic community.
