Ministers of investment, supply, social solidarity, housing and immigration laid the foundation of Almaza City Center project to be established by Majid Al Futtaim Group.
Investment Minister Ashraf Salman said his ministry aims to achieve a 5-5.5 percent rise within the gross domestic product during the 2015-2016 fiscal year.
This will require to provide investments that worth 400 billion pounds, the minister further said.
He pointed out that the government aims to gain 330 billion pounds from private sector and 70 billion pounds from governmental investments.
The minister urged Majid Al Futtaim Group To inaugurate the project in the first quarter of 2018 instead of 2019 in order to provide more job opportunities for Egyptians.
Meanwhile, Chief Executive Officer of Majid Al Futtaim Group said the project's investment costs reach 4 billion pounds. The project is expected to provide 22,000 direct job opportunities and 14,000 indirect job opportunities.
The project will be established on an area of 103,455 square meters and will include a 300-shop mall, 23 restaurants, Carrefour retailer, 16 Fox Cinema screens and a parking garage with a 4,000 car capacity.