Saudi Arabia’s NEOM project to bring huge investments to Egypt
Saudi Arabia Crown Prince Mohammed bin Salman said his country will invest in Sharm el-Sheikh as part of $500 billion NEOM project.
CAIRO — Saudi Arabia’s Crown Prince Mohammed bin Salman recently revealed his country’s plan to pump huge investments into Egypt to complete the Saudi NEOM project, including in the Sharm el-Sheikh tourist area on the Red Sea coast.
NEOM is a new Saudi city currently being built in the Tabuk province in northwestern Saudi Arabia, east of Egypt. The city, which will extend along the Red Sea coast, is set to become a hub for smart city technologies and serve as a tourist destination.
At a conference announcing his flagship megaproject on July 26, Mohammed said, “We’re going to create huge investments in Egypt,” without giving further details about those investments.
In October 2017, the powerful crown prince launched the NEOM project, located in the far northwest of Saudi Arabia, as part of his country's plan to end its dependence on oil revenues and diversify its sources of income.
