Egypt signed Wednesday a multibillion-pound agreement with a Gulf-backed developer to build a large hotel and commercial complex in New Cairo, underscoring the country's push to draw in foreign investment and reinforce its regional economic position. The New Urban Communities Authority (NUCA), the government body overseeing the country's expanding new cities, signed a land allocation agreement with Horizon Egypt for Urban Development, with investments exceeding 15 billion Egyptian pounds. Covering nearly 28 feddans of state-owned land, the project is part of a wider national effort to extract more value from state land, expand tourism offerings and create jobs amid a difficult economic period, the ministry of housing said in a statement. Under the directives of Minister of Housing Sherif El-Sherbiny, the development fits into a broader vision of building modern urban centres capable of competing across the Middle East. The government is "working to elevate the competitiveness of our new cities," the statement read, adding that attracting large-scale private investment remains a priority. Ahmed Ali Mohamed Hassan, NUCA's deputy head for real estate and commercial affairs, described the project as emblematic of what the government hopes to achieve: high-return partnerships, long-term capital and developments that reinforce New Cairo's role as a destination for hospitality and services. The agreement was signed on behalf of Horizon by Sheikh Majid Bin Saeed Al Nuaimi, who said the company saw "genuine, long-term value" in the area's economic potential and urban planning. The project is expected to add momentum to Egypt's wider push to entice Gulf investors into its real estate, tourism and infrastructure sectors. Egypt has spent the past decade reshaping its urban landscape, building dozens of new cities and positioning real estate as a major driver of economic growth. The New Cairo deal is one of several recent partnerships that authorities in Egypt hope will help the country navigate financial pressures, boost export-oriented property investment and advance its Vision 2030 development agenda. Attribution: Amwal Al Ghad English
