Saudi Arabia is embarking on an ambitious plan to build the world’s largest structure in the northwest of the kingdom, The Wall Street Journal (WSJ) newspaper reported, after viewing hundreds of pages of confidential planning documents that revealed for the first time the lay-out for the plan.
Saudi Arabia’s Crown Prince Mohammed Bin Salman said the government will raise 500 billion riyals of capital in 2027 and tap the market for an additional 200-300 billion riyals for the country’s futuristic city project NEOM, state al-Ekhbariya TV reported early on Tuesday.
The crown prince added in remarks to reporters that NEOM will rely on government support until 2030, and then it will become self-sustaining.
The crown prince also said that NEOM will add a trillion riyals to the Saudi stock market’s value.
According to the WSJ, the structure, known as the Mirror Line, will be comprised of two glass reflective buildings measuring up to 488 metres (1,600 feet) high, running parallel for 120 kilometres (75 miles) across coastal, mountain and desert terrain.
The two buildings will be connected via walkways, and a high-speed train will run underneath them. The structure is expected to cost a whopping $1 trillion upon completion, and is projected to house five million people who will be able to travel end-to-end within a 20-minute stretch.
The documents seen are from 2021, and include concept designs such as integrated vertical farming, a marina for yachts, and a sports stadium built up to 305 metres (1,000 feet) above ground.