UAE's Aabar to back $20bn Egypt housing project

State-owned investor to partner with Egypt's Palm Hills on October Oasis project in Sixth of October City

The announcements were made at the Egypt The Future Economic development forum at Sharm El Sheikh
The announcements were made at the Egypt The Future Economic development forum at Sharm El Sheikh

Egypt's Ministry of Housing has signed a deal with Abu Dhabi government-owned Aabar Investments for a huge new property project in Sixth of October City worth $20bn.

The October Oasis project will be built alongside listed Egyptian developer Palm Hills over a 4,200 hectare site around 32km outside of Cairo and will be a family resort city built to international standards, according to housing minister Moustafa Madbouli.

It is expected to take around 15 years to complete.

The deal was one of a number that the housing ministry has signed with developers. The housing minister also agreed a deal worth $4bn with Egyptian businessmen Abdul Rahman Sharbatly and Fahd El-Shobokshi to develop a project known as South Marina on the country's north west coast. It will also be developed over several phases.

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