Eagle Hills Said Building $80 Billion New City in Egypt

Eagle Hills, an Abu Dhabi-based developer of international projects, plans to build a new city near Cairo with a large number of homes for low- and middle-income buyers, according to two people with knowledge of the matter.

The project will be privately funded by an “investor developer” and possible international partners and will cost $75 billion to $80 billion over 12 years, Ashraf Salman, Egypt’s minister of investment, said in an interview with Bloomberg TV Thursday. Salman said the choice of developer has been narrowed down to two companies from the United Arab Emirates, which includes Dubai and Abu Dhabi, declining to name them.