Saudi Arabia announced on Tuesday a USD 500 bn plan to establish an independent special zone stretching over three countries including Egypt, Saudi Gazette reports.

Set to include territory from within the Egyptian and Jordanian borders, the 26,500 square kilometer NEOM special zone will be located in the northwestern region of the Kingdom.

“NEOM will focus on industries including energy and water, biotechnology, food, advanced manufacturing and entertainment,” according to Saudi Crown Prince Mohammed bin Salman.

NEOM will power itself solely with wind power and solar energy, the Crown Prince says, adding that the zone will be constructed from the ground-up on greenfield sites.

The new trade hub’s investments and financing is set to be spearheaded by the Kingdom’s economy and supported by the Public Investment Fund (PIF), with expectations to attract new foreign direct investment.