Egypt’s Minister of Housing, Mostafa Madbouly has announced that he will propose a $19bn residential project during the economic summit being held in Sharm el-Sheikh in mid-March.

Local reports say the project will be called October Oasis and will be built 50 kilometres outside Cairo in 6^th October City.

Madbouly also stated that the government is looking to draft new regulations that, “reflect the partnership between the state and investors,” to help boost the housing projects market.

It is expected that a number of major housing schemes will be announced and awarded during Egypt’s Economic Development Conference that starts on 13 March.

Other local reports say that the government is likely to increase the housing budget for the 2015/16 fiscal year by $3bn.

In March last year the UAE-based Arabtec Holding signed an agreement with Egypt’s Defence Ministry for the development and construction of up to one million low-cost housing units at 13 locations across the country.

Although a number of reports have suggested work is set to start on phase one shortly, Arabtec has not confirmed this, with sources close project suggesting that final agreements will be completed during the three-day investment conference in March.