Saudi Arabia and Egypt will soon be connected by a bridge over the Red Sea, Saudi Arabian King Salman bin Abdelaziz said. The 80-year-old royal appeared on television to deliver the news Friday, saying "I agreed with my brother, his Excellency President Abdel Fattah al-Sisi, to build a bridge connecting the two countries." "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 said. Earlier in the broadcast event -- also attended by Al-Sisi -- Egypt's president suggested naming the structure the "King Salman bin Abdel-Aziz Bridge." Details about the bridge have yet to be announced, although the two closest points between the countries are Nabq, Egypt and Ras Alsheikh Hamid, Saudi Arabia. Over the Red Sea, the two states are about 10 miles apart. Negotiations regarding a connecting bridge have been in the works for several years. The project is estimated to cost between $3- and $4 billion. As part of the deal, Saudi Arabia will reportedly finance Egypt's oil necessities for five years. Deals are expected to be signed Saturday evening.