icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Saudi crown prince visits Cairo, signs $10bn deal to develop mega-city in Sinai

Saudi Arabia and Egypt have set up a $10 billion joint fund to develop a planned mega-city, committing more than 1,000 sq km in the south Sinai, as Crown Prince Mohammed bin Salman met President Abdel Fattah el-Sisi in Cairo. The deal on Sunday came at the start of Prince Mohammed’s first public trip abroad since becoming heir apparent last year and purging the kingdom’s business and political elite in a crackdown on corruption, Reuters said. Egypt and Saudi Arabia have strengthened ties since Sisi took power in 2013 after ousting the Muslim Brotherhood, which both countries have banned and designated as a terrorist organization.