Saudi Arabia Crown Prince Mohammed bin Salman said his country will invest in Sharm el-Sheikh as part of $500 billion NEOM project.

The project will turn 50 Red Sea islands into luxury resorts. It will also include seven cities and tourism projects, while Egypt will focus on developing the existing resort cities of Sharm el-Sheikh and Hurghada, a Saudi official told Reuters back in 2018.

At a conference announcing his flagship megaproject on July 26, Mohammed said, “We’re going to create huge investments in Egypt,” without giving further details about those investments.

Saudi Arabia and Egypt signed a series of investment agreements in March 2018 and set up a $10 billion joint fund to develop ​​about 1,000 square kilometers of Egyptian lands in southern Sinai, to be part of the NEOM project.

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