The Egyptian Cabinet approves a decree establishing an investment zone under the name “Sun Capital” for Arabia Holding for Urban Development (the developer), Invest-Gate reports.

Sun Capital is a multi-use services area on 223 feddans in plot no. 1 in the October Gardens district. The project involves tourism, hospitality, commercial, administrative, educational, and medical purposes.

The decree stipulates that the developer shall implement the project according to applied building conditions, height limitations, and schedule mentioned in the contract signed with the New Urban Communities Authority (NUCA).

Moreover, the cabinet approved the final draft of the State Property Document to be presented to President Abdel Fattah El-Sisi.

Prime Minister Mostafa Madbouly said that the primary purpose of the SPD is setting a regulatory framework that governs the relations between the state and the private sector in all economic activities, and – at the same time – assures investors in Egypt and abroad that their investments are protected in the medium and long term.