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Saudi Arabia Reveals Plans To Build The City Of The Future

Dubbed “The Line”, Saudi Arabia’s radical new pedestrianized city will be carbon and emission-free, contributing $48 billion to the economy and creating 380,000 jobs.

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saudi arabia reveals plans to build the city of the future
NEOM

Saudi Arabia’s Crown Prince Mohammed bin Salman has announced plans for radical new city development in the northwest of the country, in a section of desert close to the Red Sea. The city will run entirely on renewable energy and eventually be home to around 9 million people.

Yet, the real eye-opener of this futuristic metropolis is the design of the city’s buildings themselves, or should we say, “building”, as the city will be called “The Line” and comprise a single, massive wall-like structure that will extend for 170km, while standing 200 meters wide and 500 meters tall. If everything goes to plan, this single-building city will easily break the record for the world’s largest building.

saudi arabia neom the line

The massive development is part of Crown Prince Mohammed bin Salman’s NEOM project, which plans to turn a remote area of the country into a high-tech semi-autonomous state. The plan hopes to attract foreign investment and eventually usher Saudi Arabia into a post-oil economy.

saudi arabia neom the line inner

Technical details about the project are scarce. However, there’s no denying the plans look impressive: A recently released video shows a striking mirrored glass facade, three-dimensional living, plenty of green spaces, and multi-level walkways, with high-speed travel that connects each end of the structure in just 20 minutes.

Despite inspirational taglines such as “a civilizational revolution that puts humans first”, the scheme has attracted criticism, with some architects finding the design a little too dystopian for their tastes. Crown Prince Mohammed bin Salman has said that The Line will embody “Zero Gravity Urbanism” and has issued a statement about his ambitious project:

“The designs revealed today for the city’s vertically layered communities will challenge the traditional flat, horizontal cities and create a model for nature preservation and enhanced human livability.”

Also Read: Lebanon Preparing To Build New $70 Million Airport Terminal

So when can we hope to see the foundations laid on this futuristic project? So far, the NEOM project has received $500 billion in backing from the Saudi Arabia government and the Saudi Arabian Public Investment Fund. Plans were initially scheduled for 2025 but have since been postponed by another 5 years, though officials insist the project remains on track.

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Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

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mamo completes $3.4 million funding round to enhance fintech services
Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.

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