Egypt and the UAE signed Saturday a MoU for establishing a huge residential and entertaining project worth 20 billion dollars in October City.
The project, called October oasis, will be established over an area of 10 thousand feddans, and said to be the biggest of its kind in the world.
The MoU was signed by representatives of the Egyptian Ministry of Housing and an UAE company on the fringe of the Egypt Economic Development Conference (EEDC), held in the Red Sea's resort of Sharm el Sheikh.
Representative of the UAE company said their investments in Egypt came as a result of their confidence in the great shift witnessed by the Egyptian economy.
The project is expected to be completed within ten years, sources said.