Cairo: Prime Minister Mostafa Madbouly said that the government supports development projects across all sectors, dismissing claims that state efforts are focused solely on real estate.

According to State Information Service Egypt, Madbouly made his remarks during the signing of a strategic partnership between Midar for Investment and Urban Development and Majid Al Futtaim. He described the real estate sector as a major contributor to economic growth, noting its support for a wide range of industries and its role in creating extensive employment opportunities.

The Prime Minister highlighted that the new project, located in New Cairo, will span 553 feddans with investments exceeding $3.1 billion. This project reflects continued confidence in the Egyptian market from both local and foreign investors.

Madbouly further emphasized that the updated State Ownership Policy identifies real estate development as one of the sectors where the private sector is expected to play a leading role. This is in line with efforts to expand investment and support sustainable economic growth.

Additionally, the Prime Minister reaffirmed the government's commitment to facilitating investment projects and encouraging partnerships that contribute to job creation and economic development.