After the official transfer of the two Red Sea islands, Tiran & Sanafir (two adjacent islands lying at the mouth of the Gulf of Aqaba) to Saudi Arabia’s control, a turmoil and an incredible state of anger sparked in Egypt, but now the real game has begun…
Crown Prince of Saudi Arabia, Mohamed Bin Salman, announced that Tiran & Sanafir will be part of the new Saudi Arabia mega city named NEOM.
NEOM is a $500 billion business and industrial zone, which stretches over 26,500-square km (10,230-square mile) and extends into Egypt and Jordan. NEOM will be fully owned by Saudi Arabia’s sovereign Public Investment Fund (PIF).
The whole idea behind the project is for Saudi Arabia to reduce its dependency on oil revenues and diversify its economic activity. The first stage of the project is set to be completed by 2025.