CAIRO/RIYADH (Reuters) – Saudi Arabia and Egypt set up a $10 billion joint fund on Sunday to develop a planned mega-city, committing more than 1,000 square kilometres in the south Sinai, as Crown Prince Mohammed bin Salman met President Abdel Fattah al-Sisi in Cairo. The deal came at the start of Prince Mohammed’s first public trip abroad since becoming heir apparent last year and purging the kingdom’s business and political elite in a crackdown on corruption that saw top princes and businessmen detained. Egypt and Saudi Arabia have strengthened ties since Sisi took power in 2013 after ousting the Muslim Brotherhood, which both countries have banned and designated as a terrorist organisation.
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