In his televised joint conference with Egypt's president Abdel Fattah el-Sisi on the second-day of his visit, 80-year-old Saudi monarch said the bridge would be aimed at boosting trade exchange between the two allied countries and connecting the two countries.
President Sissi suggested naming the bridge the "King Salman bin Abdel Aziz Bridge", after the Saudi monarch.
"I agreed with my brother his Excellency President Abdel Fattah al-Sisi to build a bridge connecting the two countries," Salman said.
Egypt and Saudi Arabia signed 17 agreements today.
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The agreement includes establishing King Salman Ibn Abdel Aziz University in Sinai, building residential buildings in Sinai, developing the Kasr el-Eini hospital in Cairo, and other agreements in different sectors.
During his speech, President el-Sisi greeted King Salman and described his visit as "historical".
Salman arrived in Egypt on Thursday for a five-day visit considered to be his first official visit to the Egypt since he came to the throne last year.