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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.
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.
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.
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.”
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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.
News
Egypt’s Mobile Wallets Are Booming, But Cash Still Has Power
Egypt’s telecom regulator says $57.6 billion moved through more than 57 million wallets in six months. And one operator handled 77% of the value.
Egypt’s mobile wallets handled EGP 2.96 trillion ($57.6 billion) in transactions in the first half of 2026, according to the National Telecom Regulatory Authority – a 56% rise on the EGP 1.90 trillion ($36.9 billion) recorded a year earlier. Transactions grew faster still, up 62% to 2.22 billion, while registered wallets climbed 23% to 57.01 million.
On one reading, that is exactly what Egypt’s regulators have been pushing for: a payments system that runs through telecom-linked wallets rather than banknotes. But the same data shows how far cash still reaches into it. Cash withdrawals made up just 12% of the transactions taking money out of wallets, yet 75% of the value withdrawn or spent.
Money arrives mostly from bank accounts: transfers through InstaPay accounted for 78% of deposit transactions and 58% of the value deposited, while incoming remittances from abroad made up 3% of deposit transactions but 10% of their value. Once inside, it largely moves between wallets – wallet-to-wallet transfers accounted for 54% of all transactions and 67% of total value, with mobile and internet top-ups a distant second at 25% of volume. In effect, the wallet is serving as a transfer layer: the place money passes through between the bank account and the banknote.
That layer also runs predominantly through one operator. Vodafone Cash held 53% of registered wallets and 57% of active ones, but handled 69% of transactions and 77% of their value. Its nearest rival, e& money, held 23% of registered wallets but 14% of transaction value; Orange Cash 20% and 8%; WE Pay 4% of wallets. How many of the 57.01 million are active is not stated.
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Adoption is rather uneven in other respects. Men held 38 million wallets, or 67% of the total, against 19 million held by women. Users aged 26 to 45 accounted for half of all wallets, and Cairo alone had 10.6 million, or 19% of the national total, with Giza next at 6.5 million.
The NTRA says it is continuing to work with telecom operators on the regulatory framework for wallet services, part of a wider effort to expand electronic payments and financial inclusion. Its own figures show that effort succeeding on the way in. On the way out, three-quarters of the value still leaves as cash.
Egypt’s Mobile Wallets Are Booming, But Cash Still Has Power
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