Cairo – Mubasher: Egypt’s Ministry of Housing gave the green light to launch the ‘ICity’ project in New Cairo with investments of $3.6 billion (EGP 32 billion) in partnership with an Egyptian-Saudi alliance.
The project will be implemented in accordance with the public private partnership system, represented by an alliance of New Urban Communities Authority (NUCA), Mountain View Egypt and Sisban Holding Company.
The project is aiming at establishing an integrated city on 500-acre in New Cairo includes 18,000 residential units, according to a statement released on Tuesday.
The project’s memorandum of understanding was signed during economic development conference held in Sharm el-Sheikh in March 2015.
