Riyadh – Mubasher: Egypt said that it is committing to providing 1,000 square kilometres of land in the southern Sinai to a mega-city and business zone, dubbed Neom, set to carry out by Saudi Arabia, Saudi Official said on Monday.
The kingdom will establish seven cities and tourism projects in the large project Neom, in addition to 50 resorts, four small cities in a separate Red Sea tourist project, Reuters reported, citing the official as saying.
Egypt will focus on developing the resorts in Sharm El Sheikh and Hurghada, the official added.
Saudi Arabia will collaborate with Egypt and Jordan to attract European navigation and tourism firms to work in the Red Sea during winter.
“The territory along the Red Sea is part of a joint fund worth more than $10 billion and announced by the two countries late on Sunday during a visit to Cairo by Saudi Crown Prince Mohammed bin Salman,” the news agency added.
In October 2017, The Saudi Crown Prince Mohammed bin Salman revealed the plans to build the megaproject Neom with 26,500 kilometres area, with total expected investments of $500 billion.
