The city, which will be independent of the kingdom’s “existing governmental framework,” will be built across 26,500 square kilometers (10,231 square miles) near the Red Sea. According to the fund’s statement, its land mass “will extend across the Egyptian and Jordanian borders.”

“NEOM will be constructed from the ground-up, on greenfield sites, allowing it a unique opportunity to be distinguished from all other places that have been developed and constructed over hundreds of years,” the fund said in a statement.

The project will be backed by $500 billion from the Saudi government and its investment fund, as well as local and international investors.