Common economic interests
Bilateral country-to-country relations are typically based on common economic interests and trade and investment exchanges. These relations become even stronger when there are other shared factors such as common language, close geographical proximity, and joint political interests – as in the case of Saudi-Egyptian relations. Custodian of the Two Holy Mosques King Salman bin Abdulaziz, since his accession to the throne, has been keen on further bolstering these bilateral relations for the benefit of the citizens of both the countries. They are pursuing economic goals that are based on the optimization of available opportunities. This was clear during King Salman’s visit to Egypt when he had signed several agreements, including one on the King Salman Causeway that links Asia with Africa and North Saudi Arabia with South Sinai, besides the announcement of the King Salman Program for the Development of Sinai Peninsula. And now, Crown Prince Mohammed bin Salman continues to strengthen these relations by concluding several joint venture and investment agreements, this time in the field of tourism. An agreement was signed for establishing a joint fund worth US$ 10 billion to implement various projects in South Sinai as part of the plan to build the region’s largest economic city, NEOM, announced recently by the Crown Prince. The planned city is located northwest of Saudi Arabia, bordering Egypt from the west and Jordan from the north. Both countries have equal shares in the joint fund. It will be long-term leased lands on the Egyptian side as part of NEOM. The joint tourism projects in the common areas along the Red Sea coast will further enhance such economic cooperation. The Red Sea project includes seven marine attractions, 50 resorts and four small cities.