Saudi Arabia plans to build a floating city on the Red Sea

Virgin Radio

24 Nov 2021, 15:27

Oxagon is set to be the world’s largest floating industrial complex.

Saudi Arabia has announced plans to create the construction, which will sit on the edge of a new $500 billion city called Neom, which itself is a newly-created region set to be 33 times the size of New York City, located in the kingdom's northwest. 

As its name suggests, Oxagon will be an eight-sided city, and will jut four miles into the red sea. It will see the commonplace use of robots and AI, and is set to be the world’s first fully-integrated port and supply-chain ecosystem for Neom.

Admittedly, this all sounds like something from an upcoming science fiction movie, but Saudi’s Prince Mohammed bin Salman has said: “Oxagon will contribute to redefining the world’s approach to industrial development in the future, protecting the environment while creating jobs and growth for Neom.”

Hexagon will be located ideally close to the Suez Canal, through which approximately 13% of the globe’s entire trade passes.

In a statement, Prince Mohammed bin Salman said: “It will contribute to Saudi Arabia’s regional trade and commerce and support creating a new focal point for global trade flows. This new city, built around innovative new industries, has started its development and we look forward to the city’s rapid expansion.''

Meanwhile, CEO of Neom, Nadhmi Al-Nasr said: “Oxagon will be one of the world’s most technologically advanced logistics hubs with state-of-the-art integrated port and airport connectivity.”

It is not clear at this stage how much the Oxagon project would cost, or how the city will stay afloat. 

As reported by Metro, Neom is currently being designed around tech that does not yet exist yet but construction has now begun. Officials claim that it will be a net-zero city, powered entirely by clean energy.

The project is being funded by the country's sovereign wealth fund, the Public Investment Fund, for which the Crown Prince is the chairman.