Egypt signs $10bn deal with Saudi Arabia to support Neom project

Arab News
March 6, 2018

CAIRO, Mar 6: Egypt will allow stretches of land in the southern Sinai to be used for Saudi Arabia’s planned megacity Neom project announced by the Kingdom last October.

The agreement forms part of a $10 billion joint investment fund the two countries signed during the visit to Cairo this week by Crown Prince Mohammed bin Salman, according to a Saudi official.
The size of the committed land is said to be more than 1,000 square kilometers.

Saudi Arabia’s 26,500-square-kilometer Neom project is to focus on industries including water and energy, food, media, advanced manufacturing, biotechnology and entertainment.

It forms part of the country’s Vision 2030 growth strategy which aims to diversify the country away from its reliance on oil.

The project will run along the coast of the Red Sea as well as the Gulf of Aqaba. Its borders will extend across Egyptian and Jordanian borders, making it the first private economic zone to span three countries.

The megacity project plans to pioneer the latest technologies including automated driving, passenger drones, the use of robots and developing new ways of growing and processing food.

The project is expected to attract more than $500 billon of investment from the Saudi government, the Saudi Arabian Public Investment Fund (PIF) and international investors. Neom’s contribution to the Kingdom’s GDP is projected to reach $100 billion.

As part of the newly signed Egypt-Saudi joint venture, Saudi Arabia is to build seven cities and tourism projects, while Egypt will focus on developing the existing resorts of Sharm El-Sheikh and Hurghada.

Saudi Arabia is said to be working with Egypt and Jordan on attracting more European cruise and tourism companies active in the Mediterranean to consider operating in the Red Sea as well. An official said the Kingdom was currently negotiating with more than seven tourism-related operators.

Egypt and Saudi Arabia also signed an agreement during the Crown Prince’s visit to protect the marine environment and to maintain coral reefs and beaches in the Red Sea area.

Separately, Saudi Arabia announced last August it was planning to develop 50 luxury resorts on islands and other sites on the Red Sea, backed by PIF. Construction of this development is expected to start in 2019 and be completed in 2022, according to state news agency reports

The Crown Prince arrived in Cairo on Sunday, meeting with Egypt’s President Abdel Fattah El-Sisi to discuss future cooperation in tackling terrorism and regional insecurity as well as how to strength business ties between the two countries.

The crown prince also met with Egypt’s Coptic Pope Tawadros II in the first such visit by a Saudi official to the spiritual center of the country’s Orthodox Christian community. He also met Egypt’s top Islamic official, Ahmad Al-Tayyeb, and saw a performance at the Cairo Opera.

Prince Mohammed is scheduled to arrive in the UK on Wednesday to meet British government officials.

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News Network
March 31,2020

Mar 30: the UAE Cabinet approved a series of new initiatives, foremost among which was the automatic extension of residence permits expiring from March 1.

The residence visas would be extended for a renewable period of three months without any fees to ease the economic impact of the Covid-19 crisis on residents, official news agency WAM reported.

The Cabinet has also waived the administrative fines associated with infractions on the services provided by the Federal Authority of Identity and Citizenship, starting April 1 and lasting for a renewable period of three months.

The initiatives also entail granting a temporary license to use digital solutions for remotely notarising and completing judicial transactions.

Government services expiring from March 1 will also be extended from April 1 for a renewable period of three months. The decision applies to all federal government services, including documents, permits, licenses and commercial registers.

The UAE has introduced a slew of initiatives to control the spread of the Covid-19 virus, including the online renewal of driving licences and vehicle’s registration cards.

The country’s telecom regulator, Telecommunications Regulatory Authority (TRA), also issued a directive that no mobile service with expired ID documents will be disconnected or suspended in the UAE.

The UAE has reported a total of 611 Covid-19 infections and five related deaths in the country.

A national sterilisation programme is underway that will continue until Saturday April 4, concluding on the morning of Sunday, April 5.

Carried out daily from 8pm until 6am the following morning, the programme will include the disinfection of private and public facilities.

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News Network
April 27,2020

Dubai, Apr 27: Saudi Arabia has reported 1,289 new Covid-19 cases on April 27, its Ministry of Health tweeted.

Of the newly diagnosed cases, Jeddah recorded 294 infections, followed by Makkah (218) and Madinah (202).

The ministry also confirmed five additional coronavirus-induced deaths, spiking the total death toll to 144.

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Since the outbreak of the virus strain in the Chinese city of Wuhan late last year, Saudi Arabia has reported a total of 18,811 Covid-19 infections.

As many as 2,531 patients have till now recovered from the virus.

Oman
The sultanate registered 51 new Covid-19 cases on April 27, including 37 nationals and 14 expatriates, spiking the total number of infections to 2,049, Oman News Agency tweeted.

Meanwhile, 10 coronavirus-related deaths have been confirmed in the country.

Qatar
The Ministry of Public Health has reported 957 Covid-19 cases among the 3,420 people tested in the last 24 hours.

As many as 85,709 people have been tested for the virus across the country.

The total number of Covid-19 infections since the outbreak has now risen to 11,244.

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News Network
July 23,2020

Beirut, Jul 23: The pandemic will exact a heavy toll on Arab countries, causing an economic contraction of 5.7% this year, pushing millions into poverty and compounding the suffering of those affected by armed conflict, a U.N. report said Thursday.

The U.N.'s Economic and Social Commission for Western Asia expects some Arab economies to shrink by up to 13%, amounting to an overall loss for the region of $152 billion.

Another 14.3 million people are expected to be pushed into poverty, raising the total number to 115 million — a quarter of the total Arab population, it said. More than 55 million people in the region relied on humanitarian aid before the COVID-19 crisis, including 26 million who were forcibly displaced.

Arab countries moved quickly to contain the virus in March by imposing stay-at-home orders, restricting travel and banning large gatherings, including religious pilgrimages.

Arab countries as a whole have reported more than 830,000 cases and at least 14,717 deaths. That equates to an infection rate of 1.9 per 1,000 people and 17.6 deaths per 1,000 cases, less than half the global average of 42.6 deaths, according to the U.N.

But the restrictions exacted a heavy economic toll, and authorities have been forced to ease them in recent weeks. That has led to a surge in cases in some countries, including Lebanon, Iraq and the Palestinian territories.

Wealthy Gulf countries were hit by the pandemic at a time of low oil prices, putting added strain on already overstretched budgets. Middle-income countries like Jordan and Egypt have seen tourism vanish overnight and a drop in remittances from citizens working abroad.

War-torn Libya and Syria have thus far reported relatively small outbreaks. But in Yemen, where five years of civil war had already generated the world's worst humanitarian crisis, the virus is running rampant in the government-controlled south while rebels in the north conceal its toll.

Rola Dashti, the head of the U.N. commission, said Arab countries need to “turn this crisis into an opportunity” and address longstanding issues, including weak public institutions, economic inequality and over-reliance on fossil fuels.

“We need to invest in survival, survival of people and survival of businesses,” she said.

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