Saudi Arabia to build new mega city on country's North Coast

[RIYADH] Crown Prince Mohammed bin Salman announced plans to build an entirely new city on Saudi Arabia's Red Sea coast, the latest mega-project in his drive to remake the kingdom in a time of dwindling resources.

Prince Mohammed, the kingdom's unrivaled leader, is spearheading a drive to prepare Saudi Arabia for the post-oil era. In the course of his meteoric rise to power since 2015, he's revealed plans to sell a stake in oil giant Saudi Aramco, create the world's largest sovereign wealth fund and lift the long-standing ban on female drivers.

The prince made the latest announcement on the day he's hosting the Future Investment Initiative conference in Riyadh, a gathering of more than 3,000 people including International Monetary Fund Managing Director Christine Lagarde and global investment bankers.

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