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.