Egypt’s General Authority for Investment andFreezones (GAFI) has approved the establishment of the 26k feddan Tarboul city in Giza, according to a statement. The development of the project will cost some EGP 500 bn (USD 16.2 bn), according to the statement.

What we know: The project — which will be developed by real estate developer GV Investment Group — aims to establish an integrated regional development complex that will include industrial, logistics, financial and business centers, commercial and administrative centers among other amenities. GAFI did not disclose a specific timeline for the project.

More details: The city will be located on 109 mn sqm of land and will link upper Egypt to other economic centers located on the Nile delta, Al Mal cited chairman of GV Development Sherif Hammouda as saying earlier. It is expected to be established over seven phases, and to create 750k jobs, according to the GAFI statement.

Who’s involved? Three contractors have already begun working on preparations for the project, including Hills Construction, El Shennawy Group, and Abu Arida for Sons Contracting, Hamouda is quoted as saying by the outlet. Qalaa Holdings’ Taqa is set to carry out infrastructure works, as we’ve reported earlier, while Amarenco Solaris Egypt is set to contribute and provide clean energy infrastructure. The real estate developer had also previously signed a MoU with French consulting and engineering firm EGIS for the development of the city.

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