Egypt's President Abdel Fattah al-Sisi on Thursday (January 26th) approved a new agreement between Egypt and Saudi Arabia for the development of Sinai, Egypt's Ahram Online reported.
The decree, which was published in the official gazette on Thursday, is an approval of the King Salman Programme for the Development of Sinai.
The agreement was signed in the Saudi capital of Riyadh in March 2016, and was approved by the Egyptian parliament in June 2016.
The programme, worth $1.5 billion, was signed between Egypt's international co-operation ministry and the Saudi Development Fund, and involves 12 major development projects in the peninsula over five years.
The projects include an integrated network of roads and utilities to facilitate access to the Suez Canal, as well as several agricultural, industrial, and urban zones and nine housing complexes.
The programme also includes the establishment of a university in South Sinai's al-Tor city.
Meanwhile, al-Sisi on Friday launched a youth conference on Upper Egypt development in the southern city of Aswan.
The two-day gathering brings together 1,300 young people from Upper Egypt governorates to tackle challenges, including ways to develop the economy and tourism in the region.
It also will focus on social and political empowerment among young people.
