Prince Mohammed, who became heir to the throne this summer after his older cousin was removed from office, has vowed not to repeat past mistakes, insisting that his Vision 2030 will proceed regardless of oil prices. His government has cut subsidies, slashed spending to trim the budget deficit and it plans to introduce value-added taxation next year to raise non-oil revenue.

The world’s biggest oil exporter wants to overhaul the economy while creating enough wealth to avoid the risk of social unrest. Similar efforts over the past three decades have floundered, with plans losing steam as soon as crude prices recovered. Some landmark projects, such as a $10 billion financial district in Riyadh, are struggling to take off.

A promotional video released on Tuesday features a lifestyle so far unavailable in Saudi cities. It showed women free to jog in leotards in public spaces, working alongside men and playing instruments in a musical ensemble. The one woman wearing a hijab had her head covered with a patterned pink scarf.

The ambitious plan includes a bridge spanning the Red Sea, connecting the proposed city to Egypt and the rest of Africa. Some 10,000 square miles (25,900 square kilometers) have been allocated for the development of the urban area that will stretch into Jordan and Egypt.#lazy-img-319534026:before{padding-top:75%;}

Saudi Crown Prince Mohammed bin Salman announced plans to build a new city on the Red Sea coast, promising a lifestyle not available in today’s Saudi Arabia as he seeks to remake the kingdom in a time of dwindling resources.

Saudi Arabia expects to complete NEOM’s first section by 2025.

The country appointed Klaus Kleinfeld, a former chief executive of Siemens AG and Alcoa Inc, to run the NEOM project. Officials hope that a funding program, which includes selling 5% of oil giant Saudi Aramco, will raise $US300 billion for NEOM’s construction.

The business and industrial-focused city will span 10,230 square miles. To put that size in perspective, 10,230 square miles is more than 33 times the land area of New York City.

Now the Saudi Arabian government has come up with a project that could give its economy a boost: a $US500 billion mega-city that will connect to Jordan and Egypt and be powered completely by renewable energy.

Saudi Arabia is the world’s largest oil exporter, but falling oil prices have made it more difficult for the country to pay its oil workers.

Kingdom Holding Company (KHC) has signed the smart city consulting agreement to design ICT infrastructure and smart services for Jeddah Tower & Jeddah Economic City Project on behalf of the JEC partners (which includes Kingdom Holding Company) with Orange Business Services of France.