Friday, May 9, 2014

US$800 mil in Arab investments to build new city in Sinai

An agreement has been signed with the Arab Women Investors Union to build a new city in Sinai on an area of ​​70,000 square meters and at an investment cost of US$800 million.
Tarek bin Obaid, secretary general of the Euro-Arab Environment Organization in Geneva and president of the Environment Development Bank in Abu Dhabi, said the city would offer integrated services of clean energy projects and medical tourism.
He told the Kuwaiti news agency that the project would be financed with Gulf and Russian funds in accordance with the requirements of a green economy for the city.
President of the Arab Women Investors Union Hoda Yassin said the project was signed recently in the Oyoun Moussa district in Sinai, sponsored by the Arab League.