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[rtl]Editorial Date: 2018/3/5 7:27 • 245 times read[/rtl]
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(Reuters) - Egypt has pledged 1,000 square kilometers of land in southern Sinai to be part of a giant city and commercial zone Saudi Arabia unveiled in October, a Saudi official said on Monday.
The land along the Red Sea is part of a $ 10 billion joint fund the two countries set up late Sunday during Saudi Crown Prince Mohammed bin Salman's visit to Cairo.
Prince Mohammed had previously announced plans to establish the area known as the "Naum" on an area of 26500 km at an international conference to invest in Riyadh.
Officials said total public and private investment in the region was expected to reach $ 500 billion.
The giant city, whose legal system and legislation is designed to attract international investors, is set to focus on industries such as energy, water, biotechnology, food, advanced manufacturing and tourism, officials said.
The city is part of bold moves by 32-year-old Prince Mohammed to end the world's largest oil exporter's reliance on oil revenues, including plans to put part of Saudi Aramco on sale.
The Riyadh portion of the new mutual fund will be in cash to help develop the Egyptian side of the new project, which is slated to run across Saudi Arabia, Egypt and Jordan.
The Saudi official said that Saudi Arabia will set up seven tourist attractions between cities and tourism projects in Newum as well as 50 resorts and four small cities in a separate tourism project in the Red Sea, while Egypt will focus on developing the resorts of Sharm el-Sheikh and Hurghada.
The Saudi official said Saudi Arabia would work with Egypt and Jordan to attract European shipping and tourism companies to work in the Red Sea during the winter.
Riyadh is currently negotiating with seven tourism and tourism companies and aims to build ports for yachts.
Riyadh and Cairo also signed an environmental protocol on Sunday aimed at protecting the marine environment and reducing pollution to preserve coral reefs and beaches and agree on binding controls to prevent visual pollution.
Reuters said last month the Saudi government had already asked local construction companies to build five palaces in Newum.
Some companies, including Japan's Softbank, have said they are ready to invest there, but no significant commercial investment has been announced
http://alforatnews.com/modules/news/article.php?storyid=160713
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Egypt pledges 1,000 square kilometers to Saudi Arabia in South Sinai
[/rtl][rtl]Editorial Date: 2018/3/5 7:27 • 245 times read[/rtl]
(Reuters) - Egypt has pledged 1,000 square kilometers of land in southern Sinai to be part of a giant city and commercial zone Saudi Arabia unveiled in October, a Saudi official said on Monday.
The land along the Red Sea is part of a $ 10 billion joint fund the two countries set up late Sunday during Saudi Crown Prince Mohammed bin Salman's visit to Cairo.
Prince Mohammed had previously announced plans to establish the area known as the "Naum" on an area of 26500 km at an international conference to invest in Riyadh.
Officials said total public and private investment in the region was expected to reach $ 500 billion.
The giant city, whose legal system and legislation is designed to attract international investors, is set to focus on industries such as energy, water, biotechnology, food, advanced manufacturing and tourism, officials said.
The city is part of bold moves by 32-year-old Prince Mohammed to end the world's largest oil exporter's reliance on oil revenues, including plans to put part of Saudi Aramco on sale.
The Riyadh portion of the new mutual fund will be in cash to help develop the Egyptian side of the new project, which is slated to run across Saudi Arabia, Egypt and Jordan.
The Saudi official said that Saudi Arabia will set up seven tourist attractions between cities and tourism projects in Newum as well as 50 resorts and four small cities in a separate tourism project in the Red Sea, while Egypt will focus on developing the resorts of Sharm el-Sheikh and Hurghada.
The Saudi official said Saudi Arabia would work with Egypt and Jordan to attract European shipping and tourism companies to work in the Red Sea during the winter.
Riyadh is currently negotiating with seven tourism and tourism companies and aims to build ports for yachts.
Riyadh and Cairo also signed an environmental protocol on Sunday aimed at protecting the marine environment and reducing pollution to preserve coral reefs and beaches and agree on binding controls to prevent visual pollution.
Reuters said last month the Saudi government had already asked local construction companies to build five palaces in Newum.
Some companies, including Japan's Softbank, have said they are ready to invest there, but no significant commercial investment has been announced
http://alforatnews.com/modules/news/article.php?storyid=160713
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