By Ahmed Allam

Sharm El-Sheikh – Mubasher:  Property firm Palm Hills Development (PHD) signed a memorandum of understanding with Egypt’s housing ministry to construct a tourist project in New Cairo, board member Hassan Darwish said on Saturday.

The project will be undertaken on an area of more than 500 feddans, with investments worth $3 billion, said Darwish, speaking on the sidelines of Egypt’s economic summit in Sharm El-Sheikh resort.