Arab Parliament Selects NEOM as Best Arab Project

Visitors watch a 3D presentation during an exhibition on NEOM in Riyadh, Saudi Arabia, October 25, 2017. (Reuters)
Visitors watch a 3D presentation during an exhibition on NEOM in Riyadh, Saudi Arabia, October 25, 2017. (Reuters)
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Arab Parliament Selects NEOM as Best Arab Project

Visitors watch a 3D presentation during an exhibition on NEOM in Riyadh, Saudi Arabia, October 25, 2017. (Reuters)
Visitors watch a 3D presentation during an exhibition on NEOM in Riyadh, Saudi Arabia, October 25, 2017. (Reuters)

The Arab Parliament has selected the Saudi city of NEOM as the best Arab project to achieve sustainable development in 2022.

NEOM was chosen for promoting the concept of the future and sustainable development, as one of the models for building generations, creating smart cities, and supporting efforts to preserve the environment.

NEOM, located in the far northwest of the Kingdom in the Emirate of Tabuk, is a Saudi project aimed at building the first cognitive city with world-class technology. It was launched by Crown Prince Mohammed bin Salman in October 2017 and stretches over an area of 460 kilometers on the Red Sea coast.

NEOM recently announced the building of a new city called The Line, which is projected to become a global hub for generating clean energy.

A model for extraordinary living, The Line will paint a revolutionary picture for what future communities would look like and how they would come to live in harmony with nature, NEOM CEO Nadhmi Al-Nasr said in an interview with Asharq Al-Awsat last month.

He added that the pedestrian city would offer an attractive environment for innovators, entrepreneurs and investors.

An official statement said construction would start in Q1 2021 on the project, which is expected to contribute $48 billion to the Kingdom's GDP and provide 380,000 job opportunities by 2030.



E-commerce Giant Alibaba Has Completed 3-year 'Rectification' Period

Alibaba Group has completed three years "rectification" following a fine levied in 2021 for monopolistic behavior. Reuters
Alibaba Group has completed three years "rectification" following a fine levied in 2021 for monopolistic behavior. Reuters
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E-commerce Giant Alibaba Has Completed 3-year 'Rectification' Period

Alibaba Group has completed three years "rectification" following a fine levied in 2021 for monopolistic behavior. Reuters
Alibaba Group has completed three years "rectification" following a fine levied in 2021 for monopolistic behavior. Reuters

China's State Administration of Market Regulation issued a statement on Friday saying Alibaba Group had completed three years "rectification" following a fine levied in 2021 for monopolistic behavior.
In 2021, the regulator slapped a record $2.75 billion fine on the e-commerce giant for abusing its market position by forcing merchants on its platforms not to work with rival platforms.
The regulator's statement said Alibaba's rectification work had achieved "good results" and that it would continue to "guide" Alibaba to continue to "regulate its operations and improve its compliance and quality."
The fine levied on Alibaba in 2021 came during a period of intense scrutiny for the business empire founded by billionaire Jack Ma, Reuters reported. A $37 billion IPO by the finance arm he founded, Ant Group, was also scuttled following Ma's public critique of the country's regulatory system in late 2020.
Alibaba, in its own statement, described the regulator's announcement on Friday as a "new starting point for development" and said it would continue to "promote the healthy development of the platform economy and create more value for society."