Egypt has signed memorandums of understanding for four real-estate projects worth a total of $12.7 billion, a senior minister told Reuters on the sidelines of a major investment conference in Sharm El-Sheikh.

Housing minister Moustafa Madbouly said the preliminary deals are with Egypt’s Mountain View and Palm Hills, Saudi Arabia’s Sisban Holdings, and a consortium of Arab firms.

Mountain View and Sisban are to jointly develop 500 acres in New Cairo at a cost of $3 billion, and 470 acres in 6th of October City for $2.7 billion, the minister told Reuters.

Other proposed developments include a $3 billion project to be developed by Palm Hills, and a $4 billion “tourist town” in 6th of October City to be built by the consortium of Arab firms.

Several megaprojects and large-scale developments were unveiled at the investment conference in Sharm El-Sheikh.

They include a new capital city to be built east of Cairo, reportedly at a cost of $45 billion.