Sharm El-Sheikh – Mubasher: Egypt’s housing minister Moustafa Madbouly has signed an agreement worth $45 billion with the UAE to build Egypt’s new administrative business capital.

The agreement signing was witnessed by Persident Abdel Fattah El-Sisi and UAE’s vice president and prime minister and ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum.

The new 70,000 acre city will be built on the road to Ain al-Sokhna, to the east of Cairo.

The signing ceremony took place on the sidelines of Egypt Economic Development Conference in Sharm el-Sheikh, Egypt.