The foundation stone has been laid for a "medical city" development in Alexandria that is likely to cost around LE8 billion.
The development, covering an area of 80,000 square meters, will included a faculty of medical sciences and accommodation for workers, helping to boost medical service provision in the Alexandria area.
The project, founded with Saudi investment, will be located on the coast road between Alexandria and Marsa Matrouh, according to Mohamed Khodeir, head of the General Authority for Investment and Free Zones.
The news was announced on Friday during the opening of a conferences and exhibitions center in the same development corridor.
The new conference center has nine halls and can hold up to 3,000 persons. The opening was attended by Alexandria's security chief, leaders of the northern military command, the consul of Saudi Arabia, representatives of health and tourism ministries, executive leaders and MPs for Alexandria.
Such projects, according to Khodeir, reflect the strategy of President Abdel Fattah al-Sisi regarding safe investment in Egypt, attracting both long-term and short-term investment from abroad. They also reflect plans to restore confidence in investors and foreign companies.
The medical city project shows the importance of Egypt and its capabilities in the context of the global economy, Khodeir said.
The city is expected to provide thousands of jobs, based in part on the provision of medical services for non-Egyptians seeking high-quality treatment, he said.
The Investment Ministry will spare no effort in removing obstacles facing investors in such projects, in accordance with previously set timelines, Khodeir said, adding that the project shows strength of Egyptian-Saudi ties.
The chief executive of the medical city project, Sobhy Batargy, said that the city will serve the northern governorates as well as patients coming from Arab countries.
It will be implemented in four phases that end in 2019. The first phase will include a public hospital with international standards. It will contain 300 beds and accommodation for its workers.
The second phase will include establishing seven specialized hospitals in addition to accommodation for the workers.
The third phase will include a medical tower with 220 clinics, while the fourth phase will include a faculty for medical sciences and technology costing LE700 million.
Alaa Salem, head of the Egyptian group that owns the land for the project, said that the confrence center was established on an area of 16,000 square meters at a cost of LE82 million. It is equipped with the modern technologies to attract international conferences, reflecting the government’s strategic and developmental plans, especially since the area west of Alexandria is the natural extension of the city.