The visit of Prince Mohammed bin Salman, Crown Prince of Saudi Arabia to Cairo, marked the start of Egypt’s participation in the NEOM project. Egypt and Saudi Arabia signed a number of agreements to develop Egyptian land in South Sinai with a total area of 1000 square kilometers within the new Saudi city.
The two sides also set up a fund to invest in land on Egyptian land worth $ 10 billion. Egypt contributes half the value of the fund in the form of long-leased land.
The project is the largest of its kind launched by Saudi Arabia and includes three countries: Saudi Arabia, Jordan, and Egypt. It is located in the North West of the Kingdom on the Red Sea and was launched in October 2017. The initial cost is $ 500 billion.
In the same context, the two parties signed a convention for the protection of the marine environment before the start of the NEOM project. The agreement aims to keep the environment of the shores of the Red Sea and coral reefs, in addition to preventing visual pollution.
Saudi Arabia has announced plans to establish many tourist attractions on the Red Sea coast, including cities, resorts and tourism projects.
The Presidency of the Republic announced in an official statement broadcast on Sunday that “during the meeting between the President Sisi and the Crown Prince discussed the launch of more joint projects in the light of what is available in the two countries of investment opportunities promising, especially in the field of tourism investment in the Red Sea to maximize the benefit of The great tourist potentials of that region. “