Gulf’s richest and populous countries sign $ 20 billion deal

CAIRO: Saudi Arabia and Egypt have gone in a multi-billion deal to build a joint fund to create a megacity in the Sinai Peninsula of Egypt.

The investment deal was locked in on Sunday at the meeting between Crown Prince Mohammad Bin Salman and Egyptian President Abdel Fattah al-Sisi in Cairo. Both the countries have committed to 1,000 square kilometers of land to the project.

The ties have been strengthened between the richest and most populous country after the Sisi came into power.

Previously, Saudi Arabia’s government had made the announcement of building a $ 500 billion mega-city called NEOM. The city was to be powered by renewable energy and is part of a grand project to make the kingdom inclusive. The city will include industries of gas, food, biotechnology, manufacturing, entertainment, and water.