Egypt housing ministry approves $4.6bn development
Arabia Group will develop hotels, schools and hospitals on a 234ha plot of land in Cairo
Egypt’s housing ministry recently signed a deal worth $4.6bn (EGP35bn) with Arabia Group to develop real estate on a plot of land spanning 234ha.
Arabia Group, an Egyptian developer, is being provided the land in the Cairo suburb of 6th of October City by the government.
The Egyptian government expects the value of its share in the project, comprising hotels, medical facilities and schools, to be worth 1.9bn (EGP14bn).
Reuters reports state initial agreement for the project was made at the Egypt Economic Conference held in Sharm El Sheikh in March 2015.
Tarek Shoukry, who heads Arabia Group, said the project would be inspired by Pharaoh themes and provide 50,000 direct job opportunities.