عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia Presents ‘The Line,’ an Icon for Nature Conservation

The Line pedestrian city in NEOM is the first model for preserving the planet in the world. (SPA)
The Line pedestrian city in NEOM is the first model for preserving the planet in the world. (SPA)
TT
TT

Saudi Arabia Presents ‘The Line,’ an Icon for Nature Conservation

The Line pedestrian city in NEOM is the first model for preserving the planet in the world. (SPA)
The Line pedestrian city in NEOM is the first model for preserving the planet in the world. (SPA)

Saudi Crown Prince Mohammed bin Salman’s unveiling of plans to build a huge new zero-carbon city at NEOM, a mega project and a key pillar of Kingdom Vision 2030, has put the Kingdom at the forefront of countries pursuing the establishment of modern cities.

Located in northwestern Saudi Arabia, the project named “The Line”, will be home to a million people and have no cars and no streets, Crown Prince Mohammed bin Salman said.

Building The Line is set to cost between $100 to 200 billion. The Crown Prince confirmed that the backbone of investment would come from Saudi Arabia and the Kingdom's sovereign wealth fund – the Public Investment Fund (PIF) – as well as local and international investors for the NEOM project.

Positive reactions towards the new project flooded social media platforms.

According to the Crown Prince, the project was announced after three years of planning.

More so, he confirmed that communities at The Line will be powered by Artificial Intelligence and the city will comprise carbon-positive urban developments powered by completely clean energy.

The project will be an economic engine for the Kingdom and will drive diversification in line with the Vision 2030 reform program.

Construction of the revolutionary city will preserve 95% of nature within NEOM and will commence in the first quarter of this year.

The city will be a 170-kilometer belt of “hyper-connected future communities,” and will be built around the natural environment, confirmed the Crown Prince.

“We need to transform the concept of a conventional city into that of a futuristic one,” he added at an event to launch the city.

“By 2050, one billion people will have to relocate due to rising CO2 emissions and sea levels. 90% of people breathe polluted air,” the crown prince said.

“Why should we sacrifice nature for the sake of development? Why should seven million people die every year because of pollution? Why should we lose one million people every year due to traffic accidents? And why should we accept wasting years of our lives commuting?” he asked.

The pedestrian city will have services such as schools, health centers and green spaces, as well as high-speed public transportation. It also promises that everything anyone could need would be only a five-minute walk away.

Most Viewed

 
 
Business

Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
TT
TT

Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)

Saudi Arabia’s non-oil exports soared to a two-year high in May, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.

On a monthly basis, non-oil exports surged by 26.93% from April.

This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The enhancement of the non-oil private sector remains a key focus for Saudi Arabia as it continues its efforts to diversify its economy and reduce reliance on oil revenues.

In 2023, non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics.

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is now prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports. This rise was bolstered by a surge in re-exports, which reached SAR 10.2 billion, the highest level for this category since 2017.

The share of oil exports in total exports declined to 72.4% in May from 73% in the same month last year.

Moreover, the value of re-exported goods increased by 33.9% during the same period.