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
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.