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

Mubadala
Global investment
Mubadala invests US$ 2.5bn in a plant in Brazil
25.07.2023
Anthropic
Global investment
Startup Anthropic will receive investment from Amazon Corporation
11.02.2024
coal-fired power plants
Global investment
India’s government to invest heavily in coal-fired power plants
08.10.2024
Canadian government
Global investment
Canadian government to boost support for AI sector
21.08.2024
investment in OpenAI
Global investment
SoftBank Holding expands its investment in OpenAI
02.04.2025
investment in real estate in Greece
Global investment
Why investments in real estate in Greece are attractive: a market overview
13.12.2022

Popular Posts

  • Li Ka Shing: How can success be achieved without money and education?
  • Skolkovo analysts: the Russian energy market is suffering losses
  • Ingeborg Mootz: a woman who became a stock player at the age of 75
  • Analysts: Egypt’s economy to continue falling in 2023

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

  • Li Ka Shing: How can success be achieved without money and education?
  • Skolkovo analysts: the Russian energy market is suffering losses
  • Ingeborg Mootz: a woman who became a stock player at the age of 75
  • Analysts: Egypt’s economy to continue falling in 2023
  • Businessman Chuck Feeney: the man who gave the world Duty Free
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