Saudi Arabia's futuristic NEOM project has signed a deal to develop a multibillion-dollar artificial intelligence data center, per a Saudi Press Agency report. Under the agreement with DataVolt, a Saudi-based international developer and operator of data centers, the first phase will receive an investment of $5 billion.

The 1.5-gigawatt factory is expected to be online by 2028 and will be built in NEOM's OXAGON industrial hub. The NEOM megacity, launched in 2017 by Crown Prince Mohammed bin Salman, is a key step in achieving Vision 2030, which aims to diversify the country's economy away from fossil fuels and transform it into a luxury tourism destination and innovation hub.

Estimates for NEOM's overall cost have reached as high as $1.5 trillion, while official communications put the cost closer to $500 billion. Its high-tech centerpiece, the Line, is expected to accommodate 9 million people — and even more robots. There are plans to build a year-round ski resort with artificial snow and a number of theme parks.

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