Saudi Arabia, Egypt Sign $10 Billion Deal on Mega-City

Egyptian President Abdel-Fattah el-Sisi, left, greets Saudi Crown Prince Mohammed bin Salman upon his arrival to Cairo, Egypt. AP
Egyptian President Abdel-Fattah el-Sisi, left, greets Saudi Crown Prince Mohammed bin Salman upon his arrival to Cairo, Egypt. AP
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Saudi Arabia, Egypt Sign $10 Billion Deal on Mega-City

Egyptian President Abdel-Fattah el-Sisi, left, greets Saudi Crown Prince Mohammed bin Salman upon his arrival to Cairo, Egypt. AP
Egyptian President Abdel-Fattah el-Sisi, left, greets Saudi Crown Prince Mohammed bin Salman upon his arrival to Cairo, Egypt. AP

Saudi Arabia has signed with Egypt an investment agreement to develop Egyptian lands in south Sinai to become part of a planned mega-city and business zone unveiled by Saudi Arabia last October.

The two countries have set up a $10 billion joint investment fund (Egyptians' share of this fund include the long-term leases) to invest in lands located on the Egyptian side as part of the mega-city project. The announcement was made during a visit paid by Crown Prince Mohammed bin Salman, Deputy Crown Prince and Minister of Defense, to Cairo where he met President Abdul Fattah al-Sisi.

Reuters reported a Saudi official as saying that Egypt has committed more than 1,000 square kilometers of land in the southern Sinai Peninsula to NEOM project.

Prince Mohammed previously announced plans for the 26,500 square km zone, known as NEOM, at an international investment conference in Riyadh. Officials said public and private investment in the area was eventually expected to total $500 billion.

The mega-city, with its own judicial system and legislation designed to attract international investors, is to focus on industries such as energy and water, biotechnology, food, advanced manufacturing and tourism, according to officials.

It is part of bold moves by the 32-year-old heir apparent to wean the world’s top crude exporter off oil revenues.

Riyadh and Cairo also signed an environmental protocol on Sunday aimed at preserving the Red Sea’s coral reefs and preventing “visual pollution”, the official said.

Riyadh’s part of the new joint investment fund will be cash to help develop the Egyptian side of NEOM, which was conceived as spanning across Saudi Arabia, Egypt and Jordan.

Saudi Arabia plans to set up seven maritime tourist attraction areas in the Red Sea, as part of NEOM, including cities and tourism projects.

Moreover, Saudi Arabia will establish more than 15 seafront and hundreds of resorts. And on the Jordanian side, Amman will focus on developing Aqaba.

In Egypt, the project will focus on the regions of Sharm el-Sheikh and Hurghada, which will become the sites of new attractions.

In cooperation with Jordan and Egypt, Saudi Arabia will work on attracting European cruise and tourism companies operating in the Mediterranean, during the summer season, in order to work later on the Red Sea project.

The Red Sea Project, made up of some 50 islands, will offer a nature reserve, coral reefs and heritage sites. Authorities have said it would break ground in 2019 and complete its first phase by late 2022.

Notably, the Kingdom is currently negotiating with more than seven tourism and cruise companies and planning to build yacht marinas.



At Crown Prince’s Proposal, King Salman Directs Naming Riyadh Squares After State's Imams, Kings

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister. (SPA)
Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister. (SPA)
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At Crown Prince’s Proposal, King Salman Directs Naming Riyadh Squares After State's Imams, Kings

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister. (SPA)
Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister. (SPA)

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud directed on Saturday the naming of 15 squares in Riyadh after the imams and kings of the Saudi State, following a proposal by Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister.

The move coincides with Saudi Arabia’s celebration of Founding Day on February 22.

The directive underscores King Salman and Crown Prince Mohammed’s commitment to honoring the immense legacy of the imams and kings who, for over 300 years, have been instrumental in establishing, unifying, developing, and protecting the Kingdom, preserving its resources, ensuring its security, and elevating its people.

The 15 squares, prominently located on Riyadh's main roads, will bear the names of: Imam Muhammad bin Saud, Imam Abdulaziz bin Muhammad, Imam Saud bin Abdulaziz, Imam Abdullah bin Saud, Imam Turki bin Abdullah, Imam Faisal bin Turki, Imam Abdullah bin Faisal, Imam Abdulrahman bin Faisal, King Abdulaziz, King Saud, King Faisal, King Khalid, King Fahd, King Abdullah, and King Salman.