Saudi Arabia, trying to free itself from reliance on oil sends out, reported on Tuesday a $500 billion intend to construct a business and mechanical zone reaching out into Jordan and Egypt.

The 26,500 square km (10,230 square mile) zone, known as NEOM, to be controlled altogether by sustainable power source, will concentrate on businesses including vitality and water, biotechnology, nourishment, propelled assembling and stimulation, Saudi Crown Prince Mohammed container Salman said.

The declaration was the feature at the opening of a three-day universal business meeting drawing more than 3,500 individuals from 88 nations.

Sovereign Mohammed, in an uncommon open address, hailed it for instance of the creative innovative future he has guaranteed his exceptionally traditionalist nation.

Talking on a board, he said youthful Saudis and the advancement of direct Islam were the way to his modernizing “dream” for his nation, the world’s biggest oil exporter. In a short political remark, he said the nation would kill radicalism soon.

The stakes in the nation’s quick modernization were high.

“This is a twofold edged sword. In the event that they (youthful Saudis) work and go the correct path, with all their power they will make another nation, something totally unique … also, in the event that they go the wrong bearing it will be the decimation of this nation,” he said.

Holding two telephones – one 10 years old and one an advanced mobile phone – Prince Mohammed said they spoke to the distinction between what NEOM would be and some other such region.

“This venture isn’t a place for any regular financial specialist … This is a place for visionaries who need to accomplish something on the planet,” he said.

Organized by Saudi Arabia’s principle sovereign riches finance, the Public Investment Fund (PIF), the gathering is named the Future Investment Initiative – a push to display the kingdom as a main worldwide speculation goal.

Saudi Arabia’s economy, however rich, has attempted to beat low oil costs. Ruler Mohammed has propelled a progression of monetary and social changes -, for example, enabling ladies to drive – to modernize the kingdom.

Authorities trust a privatization program, including offering 5 percent of oil monster Saudi Aramco, will raise $300 billion.

Saudi Electricity Co 5110.SE, the state-claimed utility, said on Tuesday the legislature would consider pitching a substantial stake in it to the SoftBank Vision Fund, the world’s greatest private value subsidize.