Housing minister signs agreements worth $13.5 billion - state agency

Sunday 15-03-2015 05:47 PM
Housing minister signs agreements worth $13.5 billion - state agency

Builders work at a new construction site in Cairo, February 28, 2012. REUTERS/Asmaa Waguih


CAIRO, Mar 15 (Aswat Masriya) - Egypt's housing minister signed four memoranda of understanding worth a total of $13.5 billion (102.9 billion Egyptian pounds) to develop real estate and tourism projects on the outskirts of Cairo.   

State news agency MENA cited Minister Mostafa Madbouli as saying that the agreements include two tourist projects in Cairo's 6 October and New Cairo suburbs worth $4 billion and $3.5 billion.

The two other projects are geared towards building residential housing units worth $2.5 and $3.5 billion.

The agreements were signed as part of the Egypt Economic Development Conference, which kicked off in the resort city of Sharm el-Sheikh on Friday and ends today.

The state hopes that the conference will bring investments needed to revamp its economy which has been battered by years of political instability.

So far deals worth billions of dollars have been signed with the Egyptian government. 

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