The agency said Egypt's Prime Minister Essam Sharaf met on Monday with one of the "biggest Saudi businessmen from Alsharif group who offered to do a huge housing project in Egypt... and the prime minister has expressed his approval for the project".
The report did not give a timeframe for the project or name the Saudi businessman.
Egypt's real estate sector is in crisis after mass protests ejected the country's president and cast a spotlight on corruption among government officials during his 30-year tenure.
Analysts say the industry now needs to switch its focus towards middle-income property to ensure its longer term survival.
The government is under pressure to provide housing for young people in Egypt, where lacking a home is seen as a major obstacle to marriage.
On Saturday the Kuwait Investment Authority (KIA) said it launched a company with capital of $168 million to invest in Egypt's economy.
