Civil Aviation Minister Samir Embaby Mewaly announced a development of worth US$20 million on Wednesday in the area surrounding the Cairo International Airport.
The new "global city" development is set to span 10 million square meters of land and provide tens of thousands of jobs, according to the minister.
“The planning stages would be completed end of April and the launch of the project announced at the Airport Cities Conference in Johannesburg from 24 to 26 April,” the minister said.
“The project would take five to eight years and provide 30,000 direct jobs and 70,000 indirect jobs,” he added.
Meanwhile, Minister of Investment Osama Saleh told the Cabinet on Wednesday that there are several major investment projects slated to be announced in the next four months that will stimulate the economy.
They include three power stations, the Alamein Tourism Center and a housing project for expatriate Egyptians.
He said other projects would target Upper Egypt, including a new Red Sea road and a development on 10,000 acres of agricultural land in Qena. That's in addition to a reclamation project in the Qattara Valley.
Saleh added that a Turkish loan would allow the government to boost the textile industry as well as construct a new tunnel under the Suez Canal and establish an industrial and logistical zone in East Port Said.
Edited translation from Al-Masry Al-Youm