Saudi Arabia has started relaxing some of its long-standing rules. Prince Mohammed calls these reforms important for economic survival.
Prince Mohammed became next in line for the throne in June after the king, his father, removed a more senior prince from the line of succession.
The prince told the Reuters news agency that the move is part of the country’s push to invest its economy in industries other than oil.
Prince Mohammed explained that the name “NEOM” comes from combining “neo” --meaning new -- with M, the first letter of the Arabic word for future.
Videos of the pair communicating with one another and dancing to each other were then uploaded onto You Tube where they gained thousands of followers.
“In New York, the governor is appointed to meet certain needs, including growth, but in NEOM the governor doesn’t have to deal with any of those problems,” he said.
NEOM is part of the crown prince’s plan called “Vision 2030.” Its aim is to reform the economy of Saudi Arabia and provide more jobs for the country’s large population of young people.
Saudi Arabia has announced it will sell shares of its planned 0-billion mega-city on financial markets.
The city, called NEOM, is a 26,500-square-kilometer zone that will stretch into Jordan and Egypt.
Prince Mohammed said the city could select a board of directors and government.