With an investment value of $3.6 billion, the Egyptian Ministry of Housing launched the "i-City" residential project to build 18,000 modern, competitively priced housing units in New Cairo, in partnership with a Saudi consortium – Egyptian private-sector consortium.
For his part, Egyptian Housing Minister Mostafa Madbouly described the project as the largest real estate development in the country, being carried out through a partnership between the Urban Communities Authority and the Saudi-Egyptian Mountain View-Cispan consortium. The Egyptian government has allocated 500 feddans of land for the project, which is expected to create 200,000 different job opportunities for Egyptian youth.
The partnership shares for the project will be divided as follows: 60% for the Saudi-Egyptian alliance and 40% for the Ministry of Housing, A statement from the Egyptian Ministry of Housing noted that the memorandum of understanding for the project was signed during the Sharm El-Sheikh Economic Conference held in March 2015. During the project’s launch ceremony, the Minister of Housing said, "Today we are reaping the fruits of the Sharm El-Sheikh Economic Conference."
