Planning Minister Ashraf el Araby said the establishment of the National Company for Sinai Investments is part of a strategic development vision to achieve sustainable development by 2030.

"We're acting in line with certain mechanisms of action to achieve fair and balanced development in all Egyptian cities," Araby said in a press conference Monday. 

The National Company for Sinai Investments will be operating on the peninsula and in Canal cities, the minister added. 

He touched upon what he called "a strong political will" to achieve sustainable development in the coming stage.

He put the value of capital export of the company at about two billion pounds. Araby made it clear that the company will enter into partnership projects with the private sector that can very well increase the capital to eight billion pounds. 

The minister also stressed the idea of separation of ownership and management, noting that clear mechanisms will be adopted to guarantee government exit from the company within two or three years.