ECONOMY

All you need you know about Saudi-Egypt plans for mega-city project

The territory along the Red Sea is part of a joint fund worth more than $10 billion. (Photo courtesy: NEOM)

Egypt has committed a large portion of land in the southern Sinai Peninsula as part of the NEOM project.

• The territory along the Red Sea is part of a joint fund worth more than $10 billion

• The mega-city own judicial system and legislation designed to attract international investors to focus on industries such as energy and water, biotechnology, food, advanced manufacturing and tourism, according to officials.

• Saudi Arabia plans to build seven cities and tourism projects, while Egypt will focus on developing the existing resort cities of Sharm El Sheikh and Hurghada.

• The kingdom will also work with Egypt and Jordan to attract European cruise companies to operate in the Red Sea during the winter season.

• Riyadh is negotiating with seven cruise companies and aims to build yacht marinas.

• It will also set up 50 resorts and four small cities

• The Red Sea Project, made up of some 50 islands, will offer a nature reserve, diving on coral reefs and heritage sites.

• Authorities have said it would break ground in 2019 and complete its first phase by late 2022.

 

 

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Last Update: Monday, 5 March 2018 KSA 13:19 - GMT 10:19
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