Marsa Matrouh Governor Alaa Abu Zeid has signed three agreements for investment projects in the city, Invest-Gate reports.
The first agreement stipulates the establishment of “an integrated entertainment city, similar to Disneyland, across 5,080 acres with total investments of EGP 58.24 bn (USD 3.3 bn),” according to a statement by the Ministry of Investment and International Cooperation.
The entertainment city, which is a joint Saudi-US investment, will include a zoo, waterpark, medical center, and hotels.
The governor also inked a deal with a UAE real estate and tourism investment company, to carry out a 172-acre touristic project valued at EGP 1.2 bn in Marsa Matrouh.
The project will comprise a number of hotels, malls, and tourist apartments and villas.
“The ministry is keen on attracting more foreign investments in the city and finalizing all the investment contracts under the new investment law,” the statement quoted Minister of Investment and International Cooperation Sahar Nasr as saying.