The second agreement is the establishment of a joint fund between Egypt and Saudi Arabia worth 10 billion dollars to invest in land on the Egyptian side within the project of Neum.
The agreements also included an environmental agreement between Egypt and Saudi Arabia that would be part of the Saudi strategy before starting the Red Sea projects.
In addition, Saudi Arabia plans to set up 7 tourist attractions in the Red Sea project between cities and tourism projects. It also decided to establish 15 sea front and hundreds of resorts. On the Jordanian side, Jordan will focus on developing Aqaba as part of Saudi-Jordanian investments.
The Kingdom plans to build 50 resorts on the Red Sea and 4 small cities within the Red Sea project, which Riyadh recently announced.
In cooperation with Egypt and Jordan, Saudi Arabia will attract European shipping and tourism companies. Egypt will focus on two attraction points: Sharm el-Sheikh and Hurghada, and Egypt will create new attractions.
According to Sky News, the plan is aimed at attracting the yachting market and setting up the marina, which is specialized in new resorts in the Red Sea, and the distance at the points of attraction in the Red Sea will not exceed 3 hours.
Saudi Arabia is now negotiating with more than seven tourism and tourism companies in this regard.
According to studies, demand for flights for most Mediterranean shipping and navigation companies operating in the Mediterranean is low after summer and some are closed until next summer or some move to the Caribbean and the Indian Ocean, but face stiff competition and divergence in Indian Ocean attractions.
According to plans, the distance at the points of attraction in the Red Sea will not exceed 3 hours, in excellent conditions during the winter.