Egypt's Housing Ministry signed with the United Arab Emirates an agreement on Monday which sees the latter delivering 50 thousand housing units, worth $1.5 billion.
The housing units should benefit 350 thousand Egyptian citizens, the cabinet said in a statement.
The deal was signed by Egypt's Housing Minister Mostafa Madbouli and Emirati Minister of State Sultan Mohammad Al-Jaber in Cairo, in the presence of Egyptian Prime Minister Ibrahim Mehleb.
Egypt is currently working on making one million housing units available for its citizens within the coming five years.
The UAE has been providing financial support to Egypt since the ouster of Muslim Brotherhood politician and former president Mohamed Mursi in 2013, following mass protests against his rule.