Prominent Islamic preacher Amr Khaled launched Saturday the "Egypt Party" — a party he described as development oriented, targetting the youth.

The inaugural conference of the party was held in the afternoon in the presence of a number of political and public figures, including ex-presidential hopefuls Hamdeen Sabbahi and Amr Moussa, prominent political activist George Ishaq, Coptic intellectual Samir Morcos, former Education Minister Ahmed Gamal Eddin Moussa and Ahly football star Ahmed Hassan.

"Egypt Party is primarily geared towards bringing about development through a wide network of organisations, projects and community services. It also aims to stimulate significant economic growth, to alleviate unemployment, and bolster domestic investment," stated Khaled at the inaugural.

The party will reportedly bring together 30,000 members, along with a number of prominent pundits.

Amr Khaled is one of the most renowned Islamic preachers, acting as a magnet for young people seeking life changes and inspiration. He already heads a social development organisation called Life Makers, with several branches in Egypt, Morocco and the UK.