Sharm El-Sheikh – Mubasher: Egypt’s housing ministry said on Saturday it signed a memorandum of understanding with UAE’s real estate developer Aabar and Egyptian property firm Palm Hills Development (PHD) for a real estate project worth $20 billion.

The project, to be named Oasis October, will be built over 10,000 feddan in Six of October City, and will include administrative, commercial and housing units, said housing minister Moustafa Madbouly.

The announcement was made on the sidelines of Egypt’s three-day economic summit that kicked off on Friday in Sharm El-Sheikh.

According to the minister, the project will have an expected return of 25-30%.