The IMF has endorsed an ambitious Saudi Arabian plan to build a US$500-billion mega-city, called NEOM, extending into Jordan and Egypt, saying the project could benefit the whole region.
Jihad Azour, the head of the IMF's Middle East department, said Riyadh would need to balance the huge cost of the zone and other economic projects with its drive to cut a big state budget deficit caused by low oil prices.
But the plan to develop NEOM could stimulate trade and allow the Middle East to capitalise on its location as a bridge between Asia and Europe, Mr Azour said.
"It is a signal that greater regional cooperation is back on the table," he said. "We see value and necessity in regional cooperation."
The NEOM scheme was unveiled by Saudi crown prince Mohammed bin Salman at an international conference in Riyadh last week, where he appointed Klaus Kleinfeld as the project's chief executive. It is planned to develop industries such as energy and water, biotechnology, food, advanced manufacturing and entertainment in a 26,500 square kilometre zone with its own laws and judicial system.
The project has been welcomed by Jordanian officials but so far there has been little public response from the Egyptian government, a diplomatic ally of Saudi Arabia.
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Riyadh has indicated that much of the huge cost of the zone will be borne by the Saudi government, but a large, though undisclosed, portion would come from domestic and international private investors.
Mr Azour said major private sector participation would be important for NEOM's success, with the Saudi government providing land and regulation rather than trying to be closely involved in most investment decisions.
Governments in the region are starting to look outwards again after having spent the past five or six years focused on coping with political instability and a plunge in oil prices, he added.
"Authorities in various countries are now reassessing more and more the need to do reforms and projects to grow faster and to address the issue of job creation."
NEOM could fit in with two other international economic schemes, Mr Azour said: the Belt and Road Initiative, Beijing's drive to win trade and investment deals along routes linking China to Europe, and the G20 Compact with Africa that aims to promote private investment across the continent.
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The design
The protective shell is covered in solar panels to make use of light and produce energy. This will drastically reduce energy loss.
More than 80 per cent of the energy consumed by the French pavilion will be produced by the sun.
The architecture will control light sources to provide a highly insulated and airtight building.
The forecourt is protected from the sun and the plants will refresh the inner spaces.
A micro water treatment plant will recycle used water to supply the irrigation for the plants and to flush the toilets. This will reduce the pavilion’s need for fresh water by 30 per cent.
Energy-saving equipment will be used for all lighting and projections.
Beyond its use for the expo, the pavilion will be easy to dismantle and reuse the material.
Some elements of the metal frame can be prefabricated in a factory.
From architects to sound technicians and construction companies, a group of experts from 10 companies have created the pavilion.
Work will begin in May; the first stone will be laid in Dubai in the second quarter of 2019.
Construction of the pavilion will take 17 months from May 2019 to September 2020.
THE LIGHT
Director: Tom Tykwer
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