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Saudi, Egypt form $10B joint fund for $500B mega city

Saudi Arabia and Egypt announced a $10 billion joint fund on March 4 to develop the planned $500 billion mega city and business zone, called NEOM, Reuters reported.

The announcement came during Saudi Crown Prince Mohammed bin Salman's three-day visit to Egypt.

Meanwhile, Egypt will contribute more than 1,000 square kilometers of land in the southern Sinai Peninsula to NEOM, which will be located on the Red Sea coast, a Saudi official told Reuters on March 5.

The zone, which will eventually be publicly listed, will also extend into Jordan.

The Saudi visit comes three weeks ahead of an Egyptian election where Sisi is set to win a second term as authorities are believed to have locked up leaders of opposition parties or prohibited them to hold election campaigns, according to the report.

Mohammed bin Salman will reportedly visit Britain on March 7 and the U.S. later in the month.