“NEOM is meant to be a model where this region will be a semi-independent free zone, it will have its own laws, it will have its own regulations and its own authority as a semi-government," he told an online conference hosted by Nikkei, the Japanese media group. "The reason for this is because it is our vision to make this the most competitive free zone in the world,” said CEO Nadhmi Al-Nasr.

The $500 billion mega-city planned as part of the drive to diversify away from oil, is destined to transform more than 26,500 sq. km in the Kingdom’s northwestern Tabuk region.

Read the full story at Arab News