Billion dollar superhighway from Saudi to Egypt moves ahead
Saudi - Egypt relations
Click here to add Al-Hayat as an alert
Disable alert for Al-Hayat,
Click here to add Egyptian Ministry of Commerce as an alert
Disable alert for Egyptian Ministry of Commerce,
Click here to add Hussain Omran as an alert
Disable alert for Hussain Omran,
Click here to add Mohamed Rashad Al-Mateny as an alert
Disable alert for Mohamed Rashad Al-Mateny,
Click here to add Muhammed Mursi as an alert
Disable alert for Muhammed Mursi,
Click here to add Saudi-Egyptian Business Council as an alert
Disable alert for Saudi-Egyptian Business Co ...
Saudi Arabia and Egypt are going ahead with the proposed $ 3 billion causeway project that will boost economic and social relations between the two countries, said Egyptian Transport Minister Mohamed Rashad Al-Mateny.
A technical committee will meet in late September to discuss first steps to implement the project, Al-Hayat quoted the minister as saying.
The 32-km causeway will start from Ras Nassrani in the Egyptian resort of Sharm El-Sheikh and pass by Tiran Strait before reaching Ras Hamid near Tabuk in northern Saudi Arabia.
Egyptian President Muhammed Mursi, who is keen to implement this vital project, visited Saudi Arabia twice after taking oath as president on June 30.
Mursi pledged he would remove all obstacles facing Saudi investors in his country and offered reassurance to Saudi nationals that their investments of $ 27 billion in Egypt would be protected.
The Saudi-Egyptian Business Council will meet this month to discuss joint investment schemes including the $ 350 million Gardaga tourism project.
The Egyptians have welcomed the project.
Hussain Omran, chairman of the foreign trade department at the Egyptian Ministry of Commerce, said a causeway would expand trade by 300 percent with annual volumes rising to $ 13 billion in from $ 4.2 billion at present.
A senior assistant to the Egyptian tourism minister said the number of Saudi tourists to Egypt could also surge to more than 1.2 million from the current figure of 300,000.
The official said the causeway would also help in promoting intra-Arab tourism between Egypt, Saudi Arabia and Jordan.
He said the region South of Sinai could see a significant economic recovery, especially during Haj and Umrah seasons.
- Nip, tuck: Dubai's grand plans for being a major player in medical tourism
- Zain, UNHCR, Facebook to bring free internet access to urban refugees in Jordan
- Yemen Central Bank headquarters to relocate from Sanaa to Aden
- IMF report details the crippling economic effects of conflict in MENA
- Start Up Lebanon entrepreneurs head to Silicon Valley Roadshow
- Saudi-Egypt trade relations to strengthen after Mursi calls for all obstacles to be removed
- BIS moves November 12 meeting from Saudi Arabia to Switzerland
- Plan for railway tracks along Bahrain Causeway
- Egypt, Kazakhstan to Hold Joint Committee Meeting in Late June
- Kuwait prequalifies eight foreign firms for $640-million causeway