CAIRO: Minster of Housing Mostafa Madbouly announced Sunday the signing of investments worth 12.7 billion during the Egypt Economic Development Conference (EEDC.)
During EEDC’s final day, Madbouly agreed with the Palm Hills company to establish a new tourism project on 500 acres in new Cairo with a cost of up to $3 billion. Another project called the “tourist city” is expected to be established in 6 October in coordination with the Federation of Arab companies with a cost of $4 billion.
On Friday, the first day of the summit, Madbouly also signed an agreement with the UAE’s Capital City Partners to establish a new administrative capital city halfway between Cairo and the Suez Canal area with a total cost estimated at $45 billion.
The agreement was signed in presence of President Sisi and Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE.