In the weekly press conference following the weekly cabinet meeting, PM Madbouly said, “There are several other regions plotted for complete urban development, which will include all types of activities and infrastructure, such as airports, ports, and marinas for international tourism.”

"This falls within the government’s efforts to attract foreign direct investment to create job opportunities and boost the economy," he added.

Egypt and Emirati investors signed in February a historic deal to build a multi-billion new state-of-the-art city of Ras El-Hekma as a new massive urban, business, and tourism centre in the country's North Coast.

Saudi investments in Egypt
 

PM Madbouly spoke with reporters on his recent visit to Saudi Arabia, where he met with Saudi businessmen and Saudi Crown Prince and Prime Minister Mohammed bin Salman.

"Crown Prince Mohammed bin Salman confirmed that the Saudi Public Investment Fund (PIF) will inject $5 billion into projects in key economic sectors,” Madbouly said.

He explained that those $ 5 billion are separate from the Saudi deposits at the Central Bank of Egypt (CBE).

Railways safety
 

PM Madbouly addressed public concerns on railway safety in the aftermath of the train collision in Sharqiya governorate that killed several people on Saturday.

He noted that this vital sector had reached an unprecedented state of deterioration due to a lack of sufficient financial resources for basic maintenance over the decades.

“The most crucial aspect of modernizing this sector is minimizing human involvement in the management of this critical system," he said.

The prime minister added the railways sector has been undergoing comprehensive upgrades, starting with replacing all rail tracks and modernizing control systems.

“The electronic system will reduce human control by sending signals to the trains to adjust their speed, preventing such accidents," he said.

No more electricity cut
 

In the press conference, PM Madbouly reassured the public that power load-shedding will end by late 2024 or early 2025.

"After that, electricity will not be cut again and there will be no return to load-shedding," he stressed.

The prime minister explained that the government spent $2.5 billion to secure fuel needs for power generation this summer, which amounted to $1.3 billion over the $1.18 billion figure initially allocated for this purpose.

Gas and oil fields’ delayed payments
 

In his remarks, Madbouly discussed the issue of reduction in production in some of the country's oil and gas fields.

He refuted rumours that Egypt’s Zohr gas field was depleting, clarifying that reduced production in the field was due to a lowered production pace amid delays in payment to foreign investors.

He explained that the government has worked out a schedule to pay arrears to foreign investors and production would be returning to normal levels.

Egypt would return to pre-economic crisis production levels in all oil and gas fields by June next year, added Madbouly.