situation report

Mar 5, 2018 | 14:30 GMT

1 min read

Egypt: Cairo, Riyadh Sign $10 Billion Deal For NEOM Project

During Saudi Crown Prince Mohammed bin Salman's visit to Egypt, he and Egyptian leaders signed an agreement to set up a joint $10 billion investment fund to develop the Egyptian side of the NEOM project, a megacity along the Red Sea extending into Saudi Arabia, Egypt and Jordan, Reuters reported March 5. On March 3, Egypt's Supreme Court cleared the way for the transfer of the two Red Sea islands of Tiran and Sanafir to Saudi Arabia, a day before Salman's arrival. The deal and other recent developments underscore the importance of strategic relations between the two countries. 

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