Egypt's housing ministry signed a construction deal worth about 35 billion Egyptian pounds ($4.6 billion) with Egyptian real estate developer Arabia Group, a statement from the Cabinet said on Tuesday.

Initial agreement for the project in the Cairo suburb of 6th of October City was made at a March investment summit in Egypt where billions of dollars of deals and pledges were signed.

The housing minister said in the statement that the project would include hotels, medical facilities and schools on an area spanning 557 feddans, or 234 hectares.

The government, which is providing the land, expects the value of its share in the project to reach about 14 billion Egyptian pounds ($1.82 billion).

Tarek Shoukry, who heads Arabia Group, said the project would be inspired by Pharaoh themes and provide 50,000 direct job opportunities. – Reuters