Saudi-Egyptian Construction Company (Secon) plans to build the first 5-star hotel on the Corniche El Nile at Maadi, an affluent district in the south of Cairo, Egypt, said a report.

One of the largest companies operating in the real estate market, Secon is jointly owned by the Saudi and Egyptian governments.

The company has already reached an agreement with hospitality giant Hilton to manage the property, which will be named 'Hilton Maadi,' reported the Daily News Egypt.

Apart from the hotel project, Secon also aims to build a tourist residential tower at Maadi.

Over the next five years, the company plans to invest around E£5 billion ($653 million) in key projects, ranging from tourism and above middle-class housing.

In New Cairo, the Saudi-Egyptian JV is set to build about 2,000 housing units for above middle-class housing on an area of 68 acres, while at the New Assiut, it will develop 350 middle-class housing units on an area of 11 acres, said the report.

Besides this, Secon is also planning a tourism project in New Damietta on an area of 17 acres, it added.