US$10BN NEOM MEGACITY CONSTRUCTION TO KICK-OFF IN EGYPT

Construction of Neom Megacity set to kick-off after all three nations agree to the proposal.

The construction of the neom megacity will soon kick-off in egypt. The construction is a joint partnership between Egypt, Saudi Arabia and Jordan to help improve their relationship. The project will also increase their various incoming revenue when the project is complete.

Saudi Arabia Crown Prince Prince Mohammed bin Salman met with Egypt President Abdel Fattah al-Sisi to discuss the project. The project will also see about 1000 square kilometre of land to be use in the project.

Neom Megacity will form part of the country’s Vision 2030 growth strategy which aims to diversify the country away from its reliance on oil. The megacity will also have its own judicial system separate from the strict Saudi Arabia – designed to attract international investors.

The project is plan to pioneer the latest technologies including automated driving, passenger drones, the use of robots and developing new ways of growing and processing food. The project will run along the coast of the Red Sea as well as the Gulf of Aqaba. Its borders will extend across Egyptian and Jordanian borders, making it the first private economic zone to span three countries.

The Egyptian government plans to build seven cities and tourism projects on the land. Saudi Arabia will also give cash to help develop the Egyptian side of NEOM.

 

For more information, go through the following article on GambetaNews.

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