Time in Yerevan: 11:07:36,   10 December

Saudi Arabia to build mega-city in Egypt

YEREVAN, MARCH 6, ARMENPRESS. Saudi Arabia and Egypt have agreed to create a $10 billion joint fund to develop a mega-city in Egypt's southern Sinai Peninsula, CNBC reported.

The investment deal was announced on Sunday as Saudi Crown Prince Mohammed bin Salman met with Egyptian President Abdel Fattah al-Sisi in Cairo.

The deal to build a mega-city comes just three weeks ahead of a presidential election in Egypt.

The Egyptian leader is widely expected to continue his premiership at the end of the month.

Late last year, Saudi Arabia announced it was going to build a $500 billion mega-city called NEOM. The city is planned to run on 100 percent renewable energy.

English –translator/editor: Stepan Kocharyan

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