Originally Published by CNN Money (money.cnn.com)

The development, called NEOM, was announced at a conference on Tuesday by Saudi Crown Prince Mohammed bin Salman. It's the latest in a series of mega projects designed to reshape the kingdom's economy.

It is nothing if not ambitious.

"We try to work only with the dreamers," the young crown prince told investors gathered in Riyadh. "This place is not for conventional people or companies."

Plans call for the city to be powered entirely by regenerative energy, while also making use of automated driving technology and passenger drones. Wireless hi-speed internet will be free.

"All services and processes in NEOM will be 100% fully automated, with the goal of becoming the most efficient destination in the world," the Saudi Arabia Public Investment Fund said in a statement.

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