
An investment zone will be established as part of the project on cultivating 1.5 million feddans, Cabinet spokesman Hosam Al Qaweesh said Monday.
A board of directors will be appointed for the zone that would be in charge of managing all targeted development areas of the project, he added.
This comes in the wake of two meetings held by Prime Minister Sherif Ismail over two days to discuss the final preparations for the project, to be inaugurated by President Abdel Fattah El Sisi by the end of the current month, according to the spokesman.
Earlier in the day, the prime minister said measures to establish a company to execute the project on cultivating 1.5 million feddans would be finalized by next week.
The company will manage the project at the economic level, including loans to ease the burden on the state's budget, Ismail added.
The project will be set up on three phases, the prime minister said, clarifying that 500,000 feddans will be allocated for each.
All relevant technical studies were conducted and finished, he underlined.
The new company will serve as an umbrella for the bodies concerned, the premier said, noting that responsibility is divided among a number of ministries.
According to the cabinet spokesman, the company will also be responsible for establishing, developing, managing and promoting the new investment zone.
GMT 00:37 2018 Wednesday ,24 January
Bitcoin slumps below $10,000GMT 22:49 2018 Tuesday ,23 January
Sharjah apartment rents see steep decline in 2017GMT 19:15 2018 Tuesday ,23 January
Emirati fined Dh2.2m for embezzling public fundsGMT 22:27 2018 Monday ,22 January
Jafza bridge benefits trade, logistics supply chainGMT 22:21 2018 Monday ,22 January
Damac chairman to speak on digital skillsGMT 10:55 2018 Monday ,22 January
Bahrain-Indian economic ties discussedGMT 22:42 2018 Saturday ,20 January
'Massive' infrastructure spending needed in AfricaGMT 12:49 2018 Tuesday ,16 January
Tabarak Buys Majority Stake in a Private Company

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor