Egypt and Saudi Arabia agreed Sunday to set up $10-billion joint fund for the development of the Egyptian side of NEOM city in the South of the Sinai restive Peninsula. The Egyptian city, an extension of Saudi Arabia’s future and ultra-technological mega-city called NEOM that will cost around $500 billion, will be developed in South Sinai, and will cover 1,000 square kilometers, Reuters reports. MBS in October inaugurated plans to build the future city to cover 26,500 sq km, to be located near the border region of Jordan and Egypt. The North African country will be linked to the Saudi city via proposed bridges across the Gulf of Aqaba. Saudi Arabia has been economic pillar of support to the Egyptian economy and an important ally of President Fattah al-Sisi.

Source: The North Africa Journal March 05, 2018 14:37 UTC