Expert Chaslau Koniukh
  • Companies
  • Global investment
  • Investors
  • Terminology
  • Economy
  • Stock Market
  • World exchanges
  • Tech and Marketing
Saudi Arabia and Egypt NEOM city
Global investment

Saudi Arabia and Egypt to build the megacity of the future

26.01.2024
2 min read

Saudi Arabia and Egypt allocated USD 10bn for new project

Saudi Arabia and Egypt have signed an agreement to participate in the construction of an innovative megacity. The new project will cover an area of 26,500 square kilometres in the southern part of Egypt’s Sinai Peninsula.
The two sides have set up a USD 10 billion fund to build the city of the future. The leaders met in person to discuss the details. For the Saudi prince, it was his first official trip outside the country since 2017, when he became heir to the throne.
It is noteworthy that Saudi Arabia and Egypt are considered leaders among Arab states regarding wealth and population density. Their business relations improved significantly after Abdel Fattah al-Sisi became Egypt’s leader in 2013. The public became aware of the joint project just a month before the presidential elections. Experts believe that al-Sisi made the move to boost his chances of winning.Saudi Arabia and Egypt project

What will the future city of Saudi Arabia and Egypt look like?

A megacity in partnership with Egypt is not the first such project for Saudi Arabia. Announced back in 2017, the Kingdom launched its ambitious plan for 2022. NEOM is a concept for a futuristic city that will be extremely energy efficient. It will use innovative technologies to make life as comfortable and environmentally friendly as possible. The project is worth an estimated £440 billion. The megapolis will include:
– a ski resort in the middle of the desert;
– a port city on the water;
– underground high-speed trains.
Line skyscraper, a huge building 170 kilometres long and 500 metres high, will be the city’s heart. According to the project, apartments, shops, hospitals, and restaurants will be located in the centre of the fully mirrored object, and an artificial river will run the entire length of the skyscraper.
The transport infrastructure of the metropolis will be underground. The city will use only environmentally friendly cars and trains. Electricity for the city of the future will come from renewable sources. Around 9 million people will be able to live in the megacity. Investors plan to complete the project by 2030.
NEOM is an innovative megacity designed to take Saudi Arabia’s tourism industry to a new level. It’s worth noting that Prince Salman is striving to make the country more open to travelers. The kingdom has created interesting tourist routes that are gradually changing foreigners’ attitudes towards local customs and breaking the stereotype of the Arab country’s conservatism. The megacity of the future should make Saudi Arabia one of the most popular tourist destinations.

Tags: Global investment
0
Previous Post Gold is rising in price: forecast of the precious metal's value Next Post DAX 40: features of the main German stock index

You Might Also Like

General Motors Company
Global investment
General Motors to build another electric vehicle plant
20.07.2021
Binance plans to buy banks
Global investment
Buying banks: cryptocurrency exchange Binance wants to expand its capabilities
14.01.2023
Bosch
Global investment
Bosch invests 10 billion euros in digital business
22.01.2023
Asian infrastructure
Global investment
Infrastructure in Asia attracts investors
06.01.2023
Israeli company Mobileye
Global investment
Israeli developer Mobileye listed its shares on the U.S. stock exchange
29.12.2022
cloud infrastructure
Global investment
Amazon’s cloud infrastructure expands its capacity in Thailand
21.12.2022

Popular Posts

  • Ingeborg Mootz: a woman who became a stock player at the age of 75
  • Li Ka Shing: How can success be achieved without money and education?
  • Skolkovo analysts: the Russian energy market is suffering losses
  • Businessman Chuck Feeney: the man who gave the world Duty Free

Editor's Picks

Chaslau Koniukh
Analytics

American bankers from JPMorgan and Goldman Sachs advise to invest in gold: review by Chaslau Koniukh.

Press Secretary
17.08.2020
Expert Chaslau Koniukh
Analytics

Chaslau Koniukh on the analysts’ opinion on the key stake size change soon

Press Secretary
18.06.2020
expert Chaslau Koniukh
Analytics

Chaslau Koniukh: Internet trade market in Russia may reach 2.78 trillion rubles.

Press Secretary
30.05.2020
Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh
Analytics

Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh

Press Secretary
16.05.2020

Popular Posts

  • Ingeborg Mootz: a woman who became a stock player at the age of 75
  • Skolkovo analysts: the Russian energy market is suffering losses
  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Analysts: Egypt’s economy to continue falling in 2023
  • Field of activity of the American Monsanto Company Corporation
Expert Chaslau Koniukh
  • Facebook
  • Twitter
  • Instagram

© 2024 CHASLAU KONIUKH. ALL RIGHTS RESERVED. Expert in marketing and project management, international investments, financial analyst.

Menu

  • Biography
  • Companies and corporations
  • Global investment
  • Investors and Entrepreneurs
  • Economy
  • Market terminology
  • Stock Market
  • World exchanges
  • Tech and Marketing
  • Analytics