Egypt-based real estate developer Talaat Moustafa Group (TMG) is planning to invest around $2.7bn in the development of an international medical city in Madinaty.
Madinaty city was created as an extension to New Cairo and is designed to provide shelter for 600,000 inhabitants in 120,000 housing units.
TMG's subsidiary, Arab Company for Projects and Urban Development, has also signed a deal with a group of doctors, scientists and international management experts to manage the project, named Cairo's International Medical City.
TMG, which is currently preparing engineering drawings for Madinaty, has finalised an area of 40 acres for the construction.
The proposed medical city will house a specialty hospital with 240 beds, specialised medical centres in oncology, organ transplantation, orthopaedics, sports medicine, rehabilitation, gynaecology, paediatrics and outpatient clinics.
The plan also calls for the construction of a medical research centre, an academic medical education and an international centre for the medical conferences.
The integrated medical city will also have space for leisure venues such as a spa, a hotel and a commercial medical centre.
The first phase of the project is the construction of a specialty hospital, which will be completed by the end of 2015.
All the other phases of the project are due to be completed by the end of 2020.
TMG vice-president Ashraf Al Bann said the Cairo's International Medical City project is considered to be the major service project for Madinaty.
In addition to the upcoming medical city, Madinaty also houses several international medical centres that are equipped with the latest equipment and technology for client healthcare.