Egypt is preparing to finalise key project contracts with Saudi Arabia, according to a press statement from Investment Minister Ashraf Salman.

Salman went on to say that memorandums of understanding (MoUs) signed with Saudi investors during the Egypt Economic Development Conference in March are set to be finalised “shortly”.

The minister said contracts between Saudi Arabia’s Abdelrahman al-Sharbatli and Egypt for the development of luxury hotels in Sharm el-Sheikh’s City Stars project were set for finalisation by the end of October.

It is understood that the other legal contracts set to be finalised include a $3bn mixed-use residential project in 6^th October city. The scheme, which was proposed by a consortium of local developer Mountain View and Saudi Arabia’s Sisban Holding during the investment conference in March, is set to press ahead following months of delays.

A source close to the ministry also told MEED that Riyadh-based investors are set to pledge $150m to the South Marina project on Egypt’s north coast.