Saudi Arabia's controversial planned mega-city NEOM has secured 21 billion riyals ($5.60 billion) in financing and finalized contracts to develop the first phase of housing expansion for its workforce, it said in a statement on Tuesday. NEOM, a huge economic zone eventually meant to house nine million people, said it plans to offer contracts for a second phase in the temporary residential project in the coming months. Saudi Arabia's Crown Prince Mohammed bin Salman announced plans for NEOM in 2017 as part of his Vision 2030 reform plan, which aims to diversify Saudi Arabia's economy away from oil. The kingdom's sovereign wealth fund is the cornerstone investor in NE
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