News

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.

Published

3 years ago

August 4, 2022

Nour Nasir

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.

News

Ripple Gains DFSA License To Offer Crypto Payments In Dubai

The company is now the first blockchain-powered payments provider licensed by the Dubai Financial Services Authority.

Published

3 days ago

March 13, 2025

Nour Nasir

ripple gains dfsa license to offer crypto payments in dubai

Dubai Media Office

Digital asset infrastructure provider Ripple has secured a license from the Dubai Financial Services Authority (DFSA) to become the first regulated crypto payment services provider within the Dubai International Finance Center (DIFC).

This milestone marks Ripple’s debut regulatory approval in the Middle East. With the new license, businesses in the UAE can now access Ripple’s enterprise-focused payment solutions, further solidifying the company’s reputation as a reliable partner for financial institutions looking to harness the potential of digital assets for real-world applications.

“We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption,” said Ripple CEO Brad Garlinghouse. “Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed to benefit”.

Ripple has witnessed growing interest across the Middle East from both crypto-native businesses and traditional financial institutions, all eager to address the challenges of conventional cross-border payments — namely high fees, slow transaction times, and limited transparency.

His Excellency Arif Amiri, CEO of DIFC Authority, commented, “We are thrilled that Ripple is deepening their commitment to Dubai by securing a DFSA license that makes them the first blockchain-enabled payments provider in DIFC. This milestone not only highlights our commitment to fostering innovation but also opens the door for Ripple to tap into new growth opportunities across the region and beyond”.

Also Read: Vernewell UK: Forging The Future Of Intelligence, Quantum, And AI

With roughly 20% of Ripple’s global customer base operating in the region, regulatory approval further positions the platform for accelerated growth in a market that’s already highly receptive to crypto adoption. In fact, more than 80% of finance leaders in the MEA region have expressed strong confidence in integrating blockchain technology into their operations.

“Dubai and the broader UAE have established themselves as leaders in fostering a progressive and well-defined regulatory framework for digital assets,” said Reece Merrick, Ripple’s Managing Director for the Middle East and Africa. “Securing this DFSA license is a major milestone that will enable us to better serve the growing demand for faster, cheaper, and more transparent cross-border transactions in one of the world’s largest cross-border payments hubs”.

Ripple’s DFSA license is the latest addition in a comprehensive list of worldwide regulatory approvals, joining the company’s Major Payments Institution license from the Monetary Authority of Singapore (MAS), a Trust Charter from the New York Department of Financial Services (NYDFS), a Virtual Asset Service Provider (VASP) registration from the Central Bank of Ireland, and Money Transmitter Licenses (MTLs) across multiple U.S. states.