Egyptian Minister of Housing Mustafa Madbouli.

Egypt plans to name a new city development over 10,000 acres near Cairo after Custodian of the Two Holy Mosques King Salman.

The announcement was made by Egyptian Minister of Housing Mustafa Madbouli on Monday during a briefing on several major projects, including the new administrative capital over 190,000 acres, 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.

Madbouli said the meeting focused on solving obstacles faced by investors in Egypt. He said the country has a huge property market because of its growing population. He said about 600,000 houses are needed a year, and there are currently 25 new cities under construction over 900,000 acres.

Al-Hogail said King Salman was committed to the development of the Egyptian economy. He said the meeting was held to familiarize Saudi investors and real estate developers on investment opportunities in Egypt, and identify and overcome challenges.

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