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Saudi Arabia, Egypt to set up joint $10 b fund for mega-city

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Saudi Arabia, Egypt to set up joint $10 b fund for mega-city

In a major bonhomie development between two major US allies in the Middle East, Saudi Arabia and Egypt have decided to set up a joint fund worth more than $ 10 billion to develop a megacity and business zone planned to be built by Riyadh on more than 1,000 square kms of land in the southern Sinai Peninsula, committed by Cairo.

Reuters quoted unnamed Saudi official saying that Egypt has committed land to a planned mega-city and business zone unveiled by Saudi Arabia last October. The territory along the Red Sea is part of a joint fund worth more than $10 billion and announced by the two countries late on Sunday during a visit to Cairo by Saudi Crown Prince Mohammed bin Salman, also known as MBS.

Read More:- Vision 2030: Saudi Crown Prince Unveils Dream City Project

Saudi Crown Prince arrived in Cairo on Sunday evening for a three-day visit and held meeting with President Abdel Fettah el-Sisi. He will travel to London and Washington after Cairo. This is his maiden foreign trip taking him to one of its closest allies in the region

Egypt, UAE and Bahrain had followed Riyadh’s suggestion for severing ties with Qatar in June last year.

Read More:- Saudi Arabia, UAE, Bahrain and Egypt snap ties with Qatar

Prince Mohammed previously announced plans for the 26,500 square km zone, known as NEOM, with its own judicial system and legislation designed to attract international investors, at an international investment conference in Riyadh. The mega-city is supposed to focus on industries such as energy and water, biotechnology, food, advanced manufacturing and tourism.

The location of NEOM, close to Israeli territory and also Egyptian  city of Sharm al-Sheikh, known for its beaches popular among western tourists coupled with ongoing cultural transformation under Crown Prince Mohammed bin Salman indicates the future scenario. The NEOM was originally conceived to develop across Saudi Arabia, Egypt and Jordan.

Saudi Arabia plans to build seven cities and tourism projects, while Egypt will focus on developing the existing resort cities of Sharm El Sheikh and Hurghada, the Saudi official said. The public and private investment in the area was eventually expected to $500 billion mark.

Saudi Arabia, Egypt to set up joint $10 b fund for mega-city

Saudi Arabia is known for its conventional and extremist Wahabi ideology. In recent months thousands of Wahabi preachers were reportedly detained. Videos of religious preachers’ detention even during their speeches in mosques were in public domain.

The Saudi official has also disclosed that the kingdom will also work with Egypt and Jordan to attract European cruise companies to operate in the Red Sea during the winter season. Riyadh is negotiating with seven important cruise companies.

Saudi Arabia will also set up 50 resorts and four small cities as part of a separate tourism initiative announced last August and backed by the country’s Public Investment Fund (PIF).

The Red Sea Project, made up of some 50 islands, will offer a nature reserve, diving on coral reefs and heritage sites. Construction will commence in 2019 and is scheduled to complete its first phase by late 2022.

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Khaleda son Tarique Rahman arrives to rapturous welcome in Bangladesh

Tarique Rahman returned to Bangladesh after 17 years and, in his first speech, invoked Martin Luther King while outlining what he called a plan for the country’s future.

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Khalida Zia son

Bangladesh Nationalist Party (BNP) acting chairman Tarique Rahman, who returned to Bangladesh on Thursday after 17 years in exile, outlined his political vision in his first public address, drawing a comparison with American civil rights leader Martin Luther King Jr.’s famous “I have a dream” speech.

Addressing a massive gathering in Dhaka, Rahman said that just as Martin Luther King spoke of a dream, he wished to speak of a concrete plan for Bangladesh. He referred to the country as “Beloved Bangladesh” and thanked party leaders, workers and citizens who stood by the BNP during his absence.

Rahman, the son of former President Ziaur Rahman and former Prime Minister Khaleda Zia, said that his plan would succeed only with public support and urged citizens to participate actively in nation-building.

Parallels drawn with 1971 and 2024 movements

In his speech, Rahman linked the 1971 Liberation War with the 2024 uprising against the government of former Prime Minister Sheikh Hasina. He said those who lost their lives in these movements should be honoured by building the country they had envisioned.

“We liberated Bangladesh in 1971, and we liberated it again in 2024,” he said, adding that the events of 2024 were about defending the country’s independence and sovereignty. He stressed the need to “repay the blood debt of the martyrs” through responsible governance.

Emphasis on tolerance, safety and economic rights

Touching upon Bangladesh’s social fabric, Rahman said the country belongs to everyone, irrespective of religion or geography, and underlined the importance of tolerance. He spoke about creating a safe environment where women, men and children can move freely without fear.

He also said the BNP would focus on peace, political reform and strengthening the economy. Referring to student leader Sharif Osman Hadi, Rahman said he had dreamt of a democratic Bangladesh and promised justice in connection with his killing, along with restoring people’s economic rights.

Call to youth and visit to Khaleda Zia

Rahman called upon the younger generation to take responsibility for development and stability, stressing that collective effort would be crucial to implementing his plan for Bangladesh.

After the address, he left to visit his ailing mother, Khaleda Zia, who is undergoing treatment at Evercare Hospital.

Rahman has been living in exile since 2008 following convictions in multiple corruption cases, which he has described as politically motivated. He has also alleged that the previous government attempted to assassinate him through torture.

With the Awami League barred from contesting elections, the political landscape has narrowed significantly. The BNP now holds a dominant position, and Rahman’s return has added fresh momentum and uncertainty to Bangladesh’s political future.

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Tarique Rahman returns to Dhaka after 17 years, massive crowd greets BNP leader

Tarique Rahman returned to Bangladesh after more than 17 years in exile, with thousands of BNP supporters gathering in Dhaka to welcome the party’s acting chairman.

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Tariq Rahman

Thousands of people poured onto the streets of Dhaka on Thursday as Bangladesh Nationalist Party (BNP) acting chairman Tarique Rahman returned to the country after more than 17 years in self-imposed exile in the United Kingdom. Rahman, who is the son of former prime minister Khaleda Zia, landed in the capital along with his wife Zubaida Rahman and daughter Zaima Rahman.

Supporters and party leaders marched from the Banani Airport Road towards Dhaka airport to welcome him, turning the stretch into a sea of BNP flags and slogans. Rahman was later escorted in a bulletproof vehicle as part of heightened security arrangements for his high-profile return.

Bulletproof convoy and reception in Purbachal

After arriving at the airport, Rahman was received by senior BNP leaders before heading to a large reception organised in the Purbachal area. Party workers and leaders lined both sides of the road to greet him during the journey. According to party expectations, a very large gathering assembled at the venue, where Rahman was scheduled to address supporters.

BNP leaders said only Rahman would speak at the event, while other senior figures remained present on the stage. His return is being closely watched as he has emerged as a key political figure ahead of Bangladesh’s upcoming general elections.

Visit to ailing mother and family residence

Following the public address, Rahman was expected to visit Evercare Hospital to meet his mother, former prime minister Khaleda Zia, who has been undergoing treatment there for over a month. After the hospital visit, the family was scheduled to go to Firoza, the Zia family residence in Gulshan.

Security across Dhaka was tightened during Rahman’s movement, with police deploying additional forces to prevent any untoward incident amid recent political tensions in the country.

Political backdrop of the return

Rahman’s return comes at a time when the BNP is seen to be gaining political ground following the ouster of former prime minister Sheikh Hasina in a student-led uprising last year. Surveys conducted in December indicate the BNP could secure the largest number of seats in the upcoming parliamentary elections, while other parties, including Islamist groups, are also in the fray.

Alongside political developments, personal reasons have also played a role in Rahman’s decision to return, particularly his mother’s prolonged illness, which party sources describe as a key factor behind the move.

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Bangladesh student leader killing sparks allegation against Yunus-led interim government over February polls

The killing of Bangladesh student leader Sharif Osman Hadi has led to protests and serious allegations against the Yunus-led interim government over the February national election.

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The killing of Bangladesh student leader Sharif Osman Hadi has triggered sharp political allegations, with his family accusing elements within the Muhammad Yunus-led interim government of attempting to derail the country’s upcoming national election scheduled for February.

Sharif Osman Hadi, spokesperson of Inquilab Moncho — a cultural platform that emerged from the July 2024 uprising — was shot at close range in Dhaka on December 12. He was later airlifted to Singapore for advanced treatment, where he succumbed to his injuries on December 18. His death led to violent protests in parts of the capital, including attacks on offices of newspapers and cultural organisations.

Brother alleges political motive behind killing

At a protest gathering in Shahbagh, Sharif Osman Hadi’s brother, Sharif Omar Hadi, accused a section of the interim government of orchestrating the killing to disrupt the election process.

“You had Osman Hadi killed, and now you are trying to foil the election by using this as an issue,” Omar said while addressing protesters. He claimed that his brother was firm on holding the national election by February and did not align himself with any agency or “foreign masters”.

Omar demanded a swift and transparent trial, warning that delays would damage the election environment. He alleged that the authorities have failed to show any visible progress in the investigation so far.

“If justice for Osman Hadi is not delivered, you too will be compelled to flee Bangladesh one day,” Omar said, drawing an apparent reference to former Prime Minister Sheikh Hasina, who left the country following last year’s nationwide protests that resulted in a change of regime.

Claims of wider conspiracy surface

Leaders of Inquilab Moncho also alleged that the killing was part of a broader conspiracy to undermine the gains of the July uprising and weaken Bangladesh’s sovereignty. They claimed that international intelligence agencies and their local collaborators were involved in the murder.

The group demanded that the government identify and present the accused through an investigation meeting international standards within a fixed timeframe. They warned that protests would intensify if their demands were not met.

Protesters said demonstrations would continue until justice is delivered for Sharif Osman Hadi.

Protest plans and political developments

Leaders of Inquilab Moncho announced that they would not hold any programmes on December 25, the day when Bangladesh Nationalist Party’s acting chairman Tarique Rahman is scheduled to return to the country. They expressed hope that Rahman would extend solidarity to their movement demanding justice.

The allegations and ongoing protests have added to political tensions in Bangladesh as the interim government faces growing scrutiny ahead of the proposed February election.

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