(photo credit: JPOST STAFF)
Egypt has committed more than 1,000 square kilometers (100,000 hectares) of land in the southern Sinai Peninsula to a planned $500 billion mega-city announced by Saudi Arabia last year, a Saudi official told Reuters on Monday.
The territory along the Red Sea is part of a joint $10 billion fund announced by the two countries late on Sunday during a visit to Cairo by Saudi Crown Prince Mohammed bin Salman.
Riyadh's portion will be cash to help develop the Egyptian side of the NEOM project, which was conceived as spanning across Saudi Arabia, Egypt and Jordan.
Saudi Arabia will also work with its two neighbors to attract European cruise companies to operate in the Red Sea during the winter season, the Saudi official added.