In a statement, King Salman of Saudi Arabia says the bridge would boost commerce between the two allies.
The royal made the announcement on April 8 during the second day of his visit to Cairo.
Saudi Arabia and other Gulf countries have supported Egypt with billions of dollars since President Abdul Fattah al-Sisi took power in 2013 following mass street protests.
Saudi Arabia regards Egypt as a crucial partner in efforts to build a bloc of friendly Sunni Muslim states as a bulwark against growing regional influence of Shia-led Iran.
King Salman’s visit comes amid recent strains in the relationship, with Abdul Fattah al-Sisi taking a less hard-line stance against Syrian President Bashar al-Assad and Riyadh seeking more support from Cairo for its war against rebels in Yemen.
Egyptian President Abdul Fattah al-Sisi said the bridge would be named after the Saudi king.
“I agreed with my brother his Excellency President Abdul Fattah al-Sisi to build a bridge connecting the two countries” King Salman said.
“This historic step to connect the two continents, Africa and Asia, is a qualitative transformation that will increase trade between the two continents to unprecedented levels” he added.
President Abdul Fattah al-Sisi said it marked “a new chapter on the road of Arab joint action”.
A Red Sea bridge linking Saudi Arabia and Egypt has been proposed several times before but has failed to become a reality.
Previous estimates for the bridge project suggested a cost of around $3-4 billion, but no further information has yet been released for the latest plan.
King Salman is currently on a five-day visit to Egypt, where he is expected to announce more trade and co-operation agreements.
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