Egypt will allow stretches of land in the southern Sinai to be used for Saudi Arabia’s planned megacity NEOM project announced by the Kingdom last October. The agreement forms part of a $10 billion joint investment fund the two countries signed during the visit to Cairo this week by Crown Prince Mohammed bin Salman, according to a Saudi official. The size of the committed land is said to be more than 1,000 square kilometers.
Saudi Arabia’s 26,500-square-kilometer NEOM project is to focus on industries including water and energy, food, media, advanced manufacturing, biotechnology and entertainment.
