Minister of Civil Aviation Hossam Kamal said Tuesday an agreement has been reached with the Ministry of Investment on investment mechanisms in the airport city project that will be established in the vicinity of Cairo International Airport. Offers will be floated to investors ahead of Egypt's economic conference in February.
These remarks were made during Kamal's meeting with Investment Minister Ashraf Salman at the premises of the investment ministry earlier in the day.
Chairman of the Airports Holding Company Dr Mahmoud Essmat and Chairman of Cairo Airport Company General Mohammad Kamel and top officials from the ministry of investment and civil aviation attend the meeting.
The Airport City project will include a number of trade activities, air shipping, logistics and other services that will help propel the national economy.
The total value of investments in the project will reach 70 billion EGP ($10.2 billion).
The 10-million-square-meter Airport City will will take 7 to 10 years to be constructed.