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Saudi Arabia, Egypt sign $10bn mega city deal: source

CAIRO: Saudi Arabia and Egypt have set up a $10 billion joint fund to develop a mega city, a Saudi government source said on Monday, as Crown Prince Mohammed bin Salman visits Cairo. The deal is aimed at developing the Egyptian side of NEOM, the futuristic project straddling Saudi Arabia and Jordan which was unveiled by Prince Mohammed last October as part of plans to diversify the kingdom's oil-dependent economy. "Saudi Arabia signed (an) investment agreement with Egypt to develop Egyptian lands in the south of Sinai…

New Saudi mega-city is prince’s desert dream

RIYADH: Saudi Arabia’s planned $500 billion(£381.24 billion) mega-city is an oasis of stunning cliffs, sandy beaches and high-tech projects powered by wind and solar energy where robots outnumber humans and a cosmopolitan lifestyle offers sports, concerts and fine dining. That vision showcased in a promotional video at an international investment conference in Riyadh this week bears little resemblance to the kingdom’s present where an oil “addiction” has created dependency on state handouts and a puritanical clergy…