$500 bn Saudi mega-city to be listed alongside Aramco, says Crown Prince

The $500 billion mega-city planned by Saudi Arabia will be floated on financial markets alongside oil giant Saudi Aramco as part of the kingdom's drive to diversify away from oil, the crown prince told Reuters in an interview late on Wednesday. The 26,500-square km (10,230-square mile) business and industrial zone, named NEOM, will extend into Jordan and Egypt.

It was unveiled on Tuesday at a three-day international investment conference. The surprise announcement is the latest - and most extraordinary - in a slate of privatisation.

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