Egyptian Minister of Housing Mostafa Madbouly announced Sunday the signing of memoranda of understanding for four real estate and tourist projects with $12.7bn total, at the Economic Summit. Madbouly said that the ministry signed a memorandum of understanding (MoU) with Egyptian Mountain View and Saudi Sisban Holdings, to launch two real estate projects. The first project will be in New Cairo on an area of 500 acres with investments of $3bn; the second is in 6th of October City on 470 acres and with investments of $2.7bn. He added that the final ratification of the two projects will take place over three months. The ministry also signed a MoU with Egyptian Palm Hills to launch a comprehensive urban project on 500 acres of land space in New Cairo, with investments at $3bn. The ministry signed another MoU with a coalition of Arab companies to launch a Pharaonic tourist city in 6th of October City, on 557 acres, with investments worth $4bn. The city would include three international hotels. Madbouly added that "6th of October City will be the tourist capital of Greater Cairo". The minister clarified that all the memoranda of understanding that were signed for the projects on Sunday are in partnership with the government through land, in return for a percentage of revenue. He pointed out that the revenue would be no less than 24% and may reach 40%.
