Investment minister announces finalisation of key real estate contracts
- Key residential and tourism projects to press ahead
- Saudi Arabia set to invest heavily in Egypt real estate
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 Arabias Abdelrahman al-Sharbatli and Egypt for the development of luxury hotels in Sharm el-Sheikhs 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 6th October city. The scheme, which was proposed by a consortium of local developer Mountain View and Saudi Arabias 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 Egypts north coast.
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