According to chief executive Joseph Bradley, NEOM Tech & Digital, a division of the Saudi crown prince’s $500 billion NEOM project, invested $1 billion in AI in 2022, including a metaverse platform.
As NEOM strives to integrate AI technologies in the construction of its flagship project The Line, a zero-carbon metropolis with robots, holograms, and mirrored facades reaching over 170 kilometers (150 miles), Bradley said the company is also changing its name to Tonomus.
To modernize the Saudi economy, create jobs for citizens, and lessen the country’s reliance on oil, Prince Mohammed has invested hundreds of billions of dollars in the Vision 2030 national development plan, of which NEOM is a part.
Tomonus has already invested $1 billion on the metaverse and other AI applications in 2022, another $1 billion in the connectivity network, and an additional $1.2 billion in venture capital and entrepreneurship.
Tonomus has teamed up with Oracle and OneWeb.
In an effort to reduce traffic and carbon emissions, contemporary cities like Seoul and Singapore have turned to virtual reality platforms to deliver government services through virtual desks where avatars offer assistance.
Before making a physical investment in the city, anyone from all over the world will be able to visit virtually thanks to NEOM’s metaverse platform subscriptions.
Rich Gulf nations have all started programs to increase non-oil growth and decrease reliance on crude as pressure from climate change activists and the unpredictability of oil prices has put a strain on public budgets.
The economic and tourism center of the Middle East, Dubai, has also launched a metaverse plan to create 40,000 new employment in the area by 2030, which may pose a serious threat to NEOM.
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