Gulf countries to invest inEgypt sovereign fund Egypt signs MOUs with developers for $12.7 billion in projects: minister

Newspaper Title: Reuters

Newspaper Number:

Sunday - 15 March 2015

Egypt has signed preliminary deals with four Arab real estate developers for four projects worth a total of $12.7 billion, the country's housing minister said on the sidelines of an economic summit on Sunday.

The Arab world's most populous country faces a persistent housing shortage, with population growth outstripping new construction of affordable housing units.

Moustafa Madbouly said that the housing ministry had signed MOUs with Egypt's Mountain View and Saudi Arabia's Sisban Holdings for two real estate projects, with Egypt's second-largest listed developer Palm Hills (PHDC.CA) for a third project, and with a consortium of Arab firms for a fourth.

It was not immediately clear how much of the projects would be for residential or commercial properties.