Saudi Arabia, seeking to free itself from dependence on oil exports, announced a $500 billion plan to build a business and industrial zone extending into Jordan and Egypt.
The 26,500 square km (10,230 square mile) zone, known as NEOM, to be powered entirely by renewable energy, will focus on industries including energy and water, biotechnology, food, advanced manufacturing and entertainment, Saudi Crown Prince Mohammed bin Salman said.
Riyadh, meanwhile, is cutting red tape and removing barriers to investment. It said on Sunday it would let strategic foreign investors own more than 10 percent of listed Saudi companies.
Officials hope a privatization programme, including selling 5 percent of oil giant Saudi Aramco, will raise $300 billion.