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작성일 : 16-01-14 16:54
Egypt plans to name new city after Saudi king
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Egypt plans to name new city after Saudi king

by Paromita Dey on Jan 6, 2016 

Currently there are 25 new cities under construction, spanning over 364,217 acres.
Currently there are 25 new cities under construction, spanning over 364,217 acres.

Egypt plans to name a new city development of over 4,047ha near Cairo after Saudi's King Salman, Custodian of the Two Holy Mosques.

The announcement was made by Egyptian Minister of Housing, Mustafa Madbouli during a briefing on several major projects, including the new administrative capital over 76,890ha, that will be launched soon.

The gathering, which included Saudi Housing Minister Majed Al-Hogail, was held to outline investment opportunities in Egypt's construction and property sectors, Arab News reported.

Madbouli said: "The meeting focused on solving obstacles faced by investors in Egypt. The country has a huge property market because of its growing population, and about 600,000 houses are needed a year."

"King Salman was committed to the development of the Egyptian economy. We want to familiarise Saudi investors and real estate developers on investment opportunities in Egypt, and identify and overcome challenges."

Currently there are 25 new cities under construction, spanning over 364,217 acres.