Regional

Feb. 28, 2015 | 12:18 AM

Abu Dhabi’s Eagle Hills said building $80B Egypt city

Zainab Fattah| Bloomberg

A version of this article appeared in the print edition of The Daily Star on February 28, 2015, on page 4.

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Summary

Eagle Hills, an Abu Dhabi-based developer of international projects, plans to build a new city near Cairo with a large number of homes for low- and middle-income buyers, according to two people with knowledge of the matter.

The project will be formally announced by Egypt's government at an international investors conference next month, they said.

Arabtec Holding Co., 36 percent owned by an Abu Dhabi government fund, announced plans in March to build 1 million affordable homes in Egypt with a total value of $40 billion.

Egypt's government will present 33 projects to investors in the March 13 to March 15 investors conference, including public-private partnerships, Minister of Planning Ashraf al-Arabi said in an interview Thursday.