Saudi Crown Prince Mohammed bin Salman has announced a futuristic new industrial city in the sea called Oxagon.
The city is set to be the largest floating industrial complex in the world.
"Oxagon will be the catalyst for economic growth and diversity in Neom and the kingdom, further meeting our ambitions under Vision 2030," Prince Mohammed, who is also chairman of Neom, said in a statement.
"It will contribute to Saudi Arabia’s regional trade and commerce, and support creating a new focal point for global trade flows," he said. "I am pleased to see that business and development have started on the ground and we look forward to the city’s rapid expansion."
Oxagon will establish the world’s first fully integrated port and supply chain ecosystem for Neom.
It will be built as an industrial city to showcase a radical new model for future manufacturing centres, one designed to help to protect the environment while creating jobs and growth for Neom.
Neom's Chief Executive Officer Nadhmi Al Nasr said through Oxagon, "there will be a fundamental shift in how the world views manufacturing centers. Oxagon will be a comprehensive cognitive city that provides exceptional livability for its residents".
The plan for Oxagon is to be a net zero city fully powered by clean energy.
Oxagon’s industrial development plan will focus on seven sectors – sustainable energy, autonomous mobility, water innovation, sustainable food production, health and well-being, modern methods of construction and technology and digital manufacturing, including telecoms, space technology and robotics.
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THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Miss Granny
Director: Joyce Bernal
Starring: Sarah Geronimo, James Reid, Xian Lim, Nova Villa
3/5
(Tagalog with Eng/Ar subtitles)
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The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
