<span>Saudi Arabia’s NEOM project to bring huge investments to Egypt</span>

Al-Monitor | Aug 4, 2022 at 8:47 AM
  • Saudi Arabia’s Crown Prince Mohammed bin Salman recently revealed his country’s plan to pump huge investments into Egypt to complete the Saudi NEOM project, including in the Sharm el-Sheikh tourist area on the Red Sea coast.
  • In October 2017, the powerful crown prince launched the NEOM project, located in the far northwest of Saudi Arabia, as part of his country’s plan to end its dependence on oil revenues and diversify its sources of income.
  • 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.