The Egyptian unit of Qatar's Barwa Real Estate has decided to start building a $9 billion (Dh33 billion) Cairo project in the first quarter of fiscal 2010 with the aim to tap robust demand for residential property in the north African country.

The sources said that the firm is studying all options for financing the investment, including Islamic bonds and loans.

The sources further added that the mixed-use project is extend over more than 8.4 square kilometres near Egypt's capital, Barwa.

Barwa is an affiliate of the state-owned Qatar Investment Authority's $40 billion property wing Qatari Diar.

The sources said that this investment assures that Egypt is still a destination for international investors despite the worldwide financial recession.

Investors are ploughing ahead with major residential projects in and around Cairo and see continuing demand as the country's population, which stands at about 80 million people, continues to grow.

As per reports of media, population growth in Egypt has remained high at around two per cent for the last decade and the fertility rate, at about 3.1 children per woman - compared with 2.1 in the United States, has also been stable.