(MENAFN) Egypt is set to sign preliminary deals with four Arab real estate developers for four projects worth a total of USD12.7 billion, according to the country's housing minister, Reuters reported.
The Arab world's most populous country faces a persistent housing shortage, with population growth outstripping new construction of affordable housing units.
The Housing ministry signed MoUs with Egypt's Mountain View and Saudi Arabia's Sisban Holdings for two real estate projects, with Palm Hills for a third project, and with a consortium of Arab firms for a fourth.
Mountain View and Sisban will develop 500 acres in New Cairo at a cost of USD3 billion, and 470 acres in 6th of October City at a cost of USD2.7 billion.
Palm Hills is going to develop 500 acres in New Cairo at a cost of USD3 billion and a consortium of Arab firms will develop a tourist town on the outskirts of Cairo for USD4 billion, the housing minister said.
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