saudi arabia

Egypt commits swathe of land for Saudi mega-city

Joint $10b fund announced during Crown Prince Mohammad's visit to Cairo

05:14 March 5, 2018
Egyptian President Abdul Fattah Al Sissi (R) meets with Saudi Arabia's Crown Prince Mohammad Bin Sal

Riyadh: Egypt has committed more than 1,000 square kilometres of land in the southern Sinai Peninsula to a planned $500 billion (Dh1.8 trillion) mega-city announced by Saudi Arabia last year, a Saudi official told Reuters on Monday.

The territory along the Red Sea is part of a joint $10 billion fund announced by the two countries late on Sunday during a visit to Cairo by Saudi Crown Prince Mohammad Bin Salman.

Riyadh’s portion will be cash to help develop the Egyptian side of the NEOM project, which was conceived as spanning across Saudi Arabia, Egypt and Jordan.

Saudi Arabia will also work with its two neighbours to attract European cruise companies to operate in the Red Sea during the winter season, the Saudi official added.