Egypt is planning to develop a E£150-billion ($19.5 billion) mixed-use project over an area of 10,000 acres in southern 6th of October City near the capital Cairo, said a report.

The October Oasis, which will include residential, commercial and hospitality elements, is set to be built on an area surrounded by the Ring Road and the Fayoum Road, reported the Daily News Egypt, citing the housing minister.

Mostafa Madbouly said several projects and parcels of land will be offered by the end of February to individuals and developers in new cities in a bid to activate the sector, the report stated.

The minister said the government was seeking to draft regulations in a manner that “reflects the partnership between the state and the investor and that works in both their interests”.

Discussing the budget for new housing, the ministry said it has more than doubled during this fiscal year, adding that an allocation of E£28 billion ($3.65 billion) is expected for 2015/2016.