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.
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.