CAIRO: Egypt will allow stretches of land in the southern Sinai to be used for Saudi Arabia’s planned megacity Neom project announced by the Kingdom last October.
The agreement forms part of a $10 billion joint investment fund the two countries signed during the visit to Cairo this week by Crown Prince Mohammed bin Salman, according to a Saudi official.
The size of the committed land is said to be more than 1,000 square kilometers.
Saudi Arabia’s 26,500-square-kilometer Neom project is to focus on industries including water and energy, food, media, advanced manufacturing, biotechnology and entertainment.
It forms part of the country’s Vision 2030 growth strategy which aims to diversify the country away from its reliance on oil.
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 megacity project plans 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 is expected to attract more than $500 billon of investment from the Saudi government, the Saudi Arabian Public Investment Fund (PIF) and international investors. Neom’s contribution to the Kingdom’s GDP is projected to reach $100 billion.
As part of the newly signed Egypt-Saudi joint venture, Saudi Arabia is to build seven cities and tourism projects, while Egypt will focus on developing the existing resorts of Sharm El-Sheikh and Hurghada.
Saudi Arabia is said to be working with Egypt and Jordan on attracting more European cruise and tourism companies active in the Mediterranean to consider operating in the Red Sea as well. An official said the Kingdom was currently negotiating with more than seven tourism-related operators.
Egypt and Saudi Arabia also signed an agreement during the Crown Prince’s visit to protect the marine environment and to maintain coral reefs and beaches in the Red Sea area.
Separately, Saudi Arabia announced last August it was planning to develop 50 luxury resorts on islands and other sites on the Red Sea, backed by PIF. Construction of this development is expected to start in 2019 and be completed in 2022, according to state news agency reports.
The Crown Prince arrived in Cairo on Sunday, meeting with Egypt’s President Abdel Fattah El-Sisi to discuss future cooperation in tackling terrorism and regional insecurity as well as how to strength business ties between the two countries.
The crown prince also met with Egypt’s Coptic Pope Tawadros II in the first such visit by a Saudi official to the spiritual center of the country’s Orthodox Christian community. He also met Egypt’s top Islamic official, Ahmad Al-Tayyeb, and saw a performance at the Cairo Opera.
Prince Mohammed is scheduled to arrive in the UK on Wednesday to meet British government officials.
Egypt signs $10bn deal with Saudi Arabia to support Neom project
Egypt signs $10bn deal with Saudi Arabia to support Neom project
Kingdom drives global efforts on space debris
- 75 countries gather in Riyadh to address orbital risks, promote sustainable space use
- DebriSolver competition highlights innovative solutions for orbital safety
RIYADH: The Saudi Space Agency will host the second Space Debris Conference in Riyadh on Monday, the Saudi Press Agency reported.
The two-day event will bring together experts, decision-makers, and representatives from 75 countries, including governments, international organizations, and specialized space companies.
The conference is part of Saudi Arabia’s efforts to unify international initiatives addressing the growing challenges of space debris and to promote the sustainable use of outer space as a shared resource.
It aims to protect space activities and orbital infrastructure while supporting the growth of the global space economy, the SPA added.
Held with the support of the UN Office for Outer Space Affairs and in partnership with the International Telecommunication Union, the conference highlights the importance of international cooperation and effective governance frameworks to mitigate space debris risks and ensure a safe, sustainable space environment.
The event seeks to strengthen Saudi Arabia’s position as a global hub for space sustainability by enhancing international coordination on space debris issues.
It also highlights the Saudi Space Agency’s role in promoting policies and initiatives that safeguard the future of the space economy, the SPA reported.
Key objectives of the conference include raising global awareness of space debris risks, reviewing related legislation and policies, fostering research and innovation, and developing effective international governance mechanisms to ensure the responsible and sustainable use of orbital environments.
The conference will feature panel discussions and keynote speeches on themes including space sustainability, protection of the global space economy, strengthening international cooperation, and showcasing innovations, partnerships, and operational solutions to address space debris challenges.
A highlight of the event is the DebriSolver competition, an international platform encouraging applied innovation in space debris mitigation.
Leading experts and international judges will evaluate innovative solutions against the highest scientific and technical standards, supporting the transition from research concepts to practical, deployable solutions.
By hosting the conference, Saudi Arabia reaffirms its leading role in supporting international space initiatives, strengthening public-private partnerships, and shaping the future of the global space community.
This aligns with the objectives of Vision 2030, reinforcing the Kingdom’s position as a global hub for the space economy and sustainability, the SPA stated.
The first edition, held in Riyadh in 2024, attracted participants from more than 50 countries, along with international organizations and global companies, and concluded with recommendations to raise awareness of the importance of managing space debris.
