TAIPEI (Taiwan News) — Taiwan’s Foxconn is holding talks with Saudi Arabian officials about constructing a mega-facility for manufacturing a wide range of its products in the kingdom.

The joint venture would be worth an estimated US$9 billion (NT$257.49 billion), per a Wall Street Journal report. The proposed project would be based in Saudi Arabia's planned megatropolis, Neom.

The pet project of Crown Prince Mohammed bin Salman (who has called it his “pyramid”), Neom will be a tech hub and megacity in the middle of the desert which, once complete, is slated to be 33 times the size of New York City and to one day boast flying taxis, fighting robots, and animatronic dinosaurs. Should this grand vision materialize, it may run on Taiwanese tech, as Foxconn aims for its planned foundry in the country to make chips, EV components, and displays.

Yet Foxconn is not putting all its eggs in the Saudi basket. Besides Riyadh, the tech giant is also discussing options with Abu Dhabi, with the United Arab Emirates acting as a backup destination for the project.

There is a long list of potential perks the Saudis may be offering Foxconn to sweeten the deal and convince it to choose Neom though. This includes direct financing, tax holidays, low-interest loans, export credits, and subsidies for utilities like water and electricity.

Despite semiconductor fabrication being a water-intensive process, desert environments have successfully hosted foundries in other parts of the world. The U.S. state of Arizona, for instance, is home to multiple Intel fabs, while Taiwan Semiconductor Manufacturing Company (TSMC) is setting up a new foundry that is due to open in early 2024.