Riyadh – Mubasher: Saudi King Salman bin Abdulaziz met with the cabinet for the first time in Neom city, whose planned investments reportedly amounted to $500 billion.

The king will also spend a period in Neom, whose establishment comes as part of the kingdom’s efforts to diversify economic resources away from oil, for recreation and rest, Saudi Press Agency (SPA).

Bader Al Saker, the head of Crown Prince Mohammed bin Salman’s private office described the meeting as a “historic beginning for a city of dreams” via his Twitter account.

The Saudi cabinet also stated that bin Salman will be responsible for a new governmental committee, which will be authorised to all matters related to the hydrocarbons sector, SPA added.

Khalid A. Al-Falih, Minister of Energy, Industry and Mineral Resources, Majed bin Abdullah Al-Qasabi Minister of commerce and investment, and Mohammed bin Abdullah Al-Jadaan Minister of finance and economy will be in committee.

Late last year, bin Salman announced a plan to launch a megaproject under the name of Neom at a value of $500 billion. The Crown Prince noted that the project would act as a business and industrial zone, linking with Jordan and Egypt.

In July, bin Salman named Klaus Kleinfeld, Siemens’ former CEO, as his advisor to the running of NEOM.

The project, which was allocated an area of 26,500 square kilometres, is set to focus on biotechnology, food, advanced manufacturing, entertainment, and energy and water projects.

The $500-billion project, which has been described a nothing short of a science-fiction dream, will be self-powered through wind and solar energy. Its first phase is slated for completion by 2025.

Many international companies and funds have expressed interest in investing in Saudi’s NEOM, including the Russian Direct Investment Fund (RDIF), US-based Bechtel Group Inc, Amazon.com Inc., Alibaba Group, and Airbus Group, among others.