Saudi Arabia is funding the construction of mega-resort near Sharm El-Sheikh

Saudi Arabia is funding the construction of mega-resort near Sharm El-Sheikh

The first phase of construction will be completed in 2022.

Egypt, together with Saudi Arabia to build a modern resort city of Neom in Sinai South Sharm El-Sheikh. Construction will begin in 2019, and the first phase will be completed in 2022. By design, the new metropolis will be located immediately on the territory of three countries: Egypt, Saudi Arabia and Jordan.

For the construction of the resort has allocated about $ 10 billion, writes Reuters. Basically this means Saudi Arabia. The new city will not enforce the harsh laws of the Arab countries, the report said.

An important step in the creation of the mega-city was the recent conclusion of agreements in the Egyptian capital Cairo. Previously, it was guaranteed to bring only in the lands of Saudi Arabia.

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The total area of the mega-city of around 100 square kilometers.

The resort in addition to the Neom Turistica plan to develop several areas: energy, biotechnology, agriculture, and here will work to create advanced technologies. In addition, the resort is planned to attract European cruise companies, ships which will travel to the Red sea to the Sinai Peninsula in the winter season.

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The bulk of investments will come from Saudi Arabia. In the future, the Kingdom plans to build seven resorts on the Egyptian lands. At the same time, the authorities of the country of the pyramids will develop mainly the existing Sharm El-Sheikh and Hurghada.

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