President Abdel Fattah El Sisi held a meeting on a project to reclaim one million feddans.
Prime Minister Ibrahim Mahlab and the ministers of housing, water resources, agriculture and investment were present.
Members of two specialized councils affiliated to the presidency attended.
The water resources minister reviewed during the meeting executive steps taken to reduce the risks of floods in Sinai, said Presidential Spokesman Alaa Youssef.
A sum of 450 millon EGP has been spent so far on these steps, said the spokesman.
He quoted the minister as saying that the last year's floods results in losses worth 800 million EGP.
As for the one million feddan project, the housing minister presented an overview on the housing aspect of the plan which seeks new housing communities, added the spokesman.