Egypt is nearing to finalize a deal for an entertainment district in the New Administrative Capital (NAC), east Cairo, Ahram Online reports.

Last week, ATIP Entertainment said it had signed a memorandum of understanding (MoU) with ACUD to establish a USD 20 bn entertainment district over 4,256 acres in the heart of NAC, according to the English news website. According to the US-based company, the district would be built in three phases over a seven- to ten-year period and is projected to create about 700,000 job opportunities.

ACUD Spokesman Khaled Al-Husseini told Ahram Online that negotiations have been ongoing for some time between the New Administrative Capital for Urban Development (ACUD) and the US-based ATIP New Capital Entertainment, LLC (ATIP Entertainment).  He added, “the entertainment district would be the MENA region’s biggest, and the largest investment in Egypt.”

“The district will feature two iconic landmarks: the world’s tallest observation wheel, with unique views of Egypt’s past, present, and future, as well as, the world’s tallest obelisk, an ancient symbol of Egypt’s cultural heritage designed to point towards the country’s bright future. The development will welcome visitors through a cutting-edge multi-modal transportation hub that will connect with the New Administrative Capital’s superhighways, infrastructure, and high-speed rails,” Ahram Online added.

The project is planned to comprise four-and six-star resorts and themed hotels; a wellness centre; vacation rentals; luxury homes, villas and high-rises; high-end and regional shopping and dining; a VIP golf course and other recreational and green space activities; world-class theme parks; a cultural arts center; a convention center; a planetarium; aviary, butterfly, topiary and botanical gardens; a museum and recreational activities for children; a Formula One racetrack; a sports and concert stadium; and an entertainment college for training future global entertainment and travel destination development leaders.