Arab Finance: Prime Minister Mostafa Madbouly reviewed a proposal to establish two integrated medical cities in the New Capital and New Alamein City with combined foreign direct investment (FDI) of around $5.3 billion, according to a statement.

To be developed by a global consortium, the proposed medical city in the New Capital would attract approximately $2.8 billion in investment, while the New Alamein facility would receive about $2.5 billion.

During a meeting to discuss the proposed projects, Madbouly directed the formation of a joint working group, comprising representatives of the relevant Egyptian authorities and the consortium, to complete technical, financial, and legal discussions and reach a final agreement before implementation begins.

Madbouly also reviewed the projects’ proposed financing model and called for the executive procedures to be completed swiftly. He said the government supports the plans due to their expected role in developing Egypt’s healthcare system and expanding the country’s medical tourism services.

Meanwhile, Deputy Prime Minister for Human Development and Minister of Health and Population Khaled Abdel-Ghaffar presented the proposed implementation plan. He said a comprehensive financial framework had been developed with an international consortium specializing in the sector.

The projects would be financed entirely through FDI and include medical, administrative, educational, and training zones, alongside specialized hospitals equipped with advanced systems and technologies, Abdel-Ghaffar said.

The developments are also expected to provide preventive and curative care and support medical education through new institutes and training centers for healthcare professionals.

Under the proposed contract with the consortium, the state would receive a substantial share of the projects’ hospital beds for allocation to Egypt’s Universal Health Insurance System (UHIS).

The government aims to develop the medical cities using models drawn from international experience, with the projects intended to support specialized healthcare, medical research, education, and tourism.

Consortium officials said the facilities would primarily employ Egyptian medical personnel. They expect the New Capital medical city’s hospital to attract more than 3 million medical tourists during its first three years of operation, although the consortium did not disclose the methodology behind the projection.

In New Alamein, the consortium has begun assessing several land plots to determine the most suitable location. The project’s design is expected to include hotels, combining healthcare and accommodation services to support medical tourism.