Egypts Ministry of Planning has said that the first phase of the El-Alamein city project requires an investment of up to $337m.
A statement from the ministry added that in the next fiscal year, 2016/17, it is prepared to earmark the amount from the state budget to develop the tourism project.
Located on the north coast, west of Egypts second largest city, Alexandria, El-Alamein city will consist of a downtown retail area as well as some residential developments. Full details of the project have not been released.
Sources close to the project have told MEED that the authorities will be approaching the private sector soon after all the infrastructure work is complete.
Work on the infrastructure in the area started in February this year when the local Arab Contractors and Societe Egyptienne Dentreprises (previously known as Mukhtar Ibrahim) were appointed by the government to carry out all road and utilities work.
Former president Adly Mansour issued a presidential decree in May 2014 approving the reallocation of 2.4 million square metres of state-owned land to the New Urban Communities Authority (NUCA) to be used to develop El Alamein city.