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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.

Prince Mohammed previously announced plans for the 26,500 square km zone, known as NEOM, at an international investment conference in Riyadh. Officials said publ…

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