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Egypt commits 1,000 sq km to Saudi mega-city

Public and private investment in the NEOM project, which spans across Saudi Arabia, Egypt and Jordan, is expected to eventually total US$500b

Published Mon, Mar 5, 2018 · 09:50 PM
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Riyadh

EGYPT has committed more than 1,000 square kilometres of land in the southern Sinai Peninsula to a planned mega-city and business zone unveiled by Saudi Arabia last October, a Saudi official said on Monday.

The territory along the Red Sea is part of a joint fund worth more than US$10 billion and announced by the two countries late on Sunday during a visit to Cairo by Saudi Crown Prince Mohammed bin Salman.

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