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Sunday June 23, 2024

Neom not enough for MBS as crown prince plans to build new country

Mohammed Bin Salman buying more land as Neom progresses

By Web Desk
May 16, 2024
Saudi crown prince to buy Ras Ghamila in Red Sea as Neom is being constructed. — Luxury Launches
Saudi crown prince to buy Ras Ghamila in Red Sea as Neom is being constructed. — Luxury Launches

Neom City is not the only thing Saudi Arabia has to offer, and its aspirational Crown Prince Mohammed Bin Salman plans to develop the entire country, not just the Kingdom.

He has given Egypt a fantastic chance as he looks to construct multibillion dollar projects and go beyond his current borders. The idea is to buy Ras Ghamila, a popular Red Sea vacation spot, according to Luxury Launches.

Determined Saudi officials made the offer to use the kingdom's massive $10.3 billion in central bank deposits, a move that is supported by Egypt and will provide instant access to foreign money, a source told Middle East Eye.

The $35 billion Emirati Bay el-Hekma deal—which contained $11 billion in pre-existing deposits—was referenced by the Egyptian government. Ras Ghamila is a high-value strategic expanse of unspoiled land that spans about 860,000 square meters. Saudi Arabia hopes to increase tourism between Sharm el-Sheikh and Neom in Saudi Arabia by using Ras Ghamila's natural beauty and its closeness to Tiran and Sanafir Islands.

After Neom, Mohammed Bin Salman eyes on Ras Ghamila in Red Sea, Egypt. — TNA/File
After Neom, Mohammed Bin Salman eyes on Ras Ghamila in Red Sea, Egypt. — TNA/File

With the construction of the $1.5 trillion Neom City, which will house incredible projects like the mind-blowing The Line, opulent Sindalah Island for sea lovers, and a year-round ski village called Trojena, Saudi Arabia is rapidly becoming the ultimate travel destination of the future.

The dream projects are moving forward at such a rapid pace that they refuse to slow down in spite of growing expenses.