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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