Prime Minister Ibrahim Mahlab granted a license to UAE’s Majid Al Futtaim Real Estate Misr to build an investment zone on the Ring Road in Cairo’s Maadi district.

The company, meanwhile, will have to fulfill all the terms and conditions set for the license and complete the project within a set timetable.

The project is expected to provide 42,000 direct and indirect job opportunities with investments amounting to EGP 3.9 billion to be pumped in two years.

A memo of understanding on the commercial project has been signed during the Egypt Economic Development Conference held in Sharm El Sheikh in March.