Egypt's Urban Communities Authority signs EGP 93.5 bln investment contracts with 3 real estate developers

Ahram Online , Thursday 21 Mar 2019

Prime Minister Mostafa Madbouly (standing - R) at the signing ceremony (Photo: Ahram)

Egypt's Prime Minister Mostafa Madbouly attended on Thursday the signing of three partnership contracts between Egypt's New Urban Communities Authority (NUCA) and real estate developers to execute investment and development projects in new urban communities.

The contracts were signed by Egypt's Minister of Housing Asem El-Gazar, the vice chairman of the New Urban Communities Authority for Real Estate and Commercial Affairs Tarek El-Sebai, managing director and board member of SODIC Maged El-Sherif, CEO of Al-Ahly for Real Estate Development Hussein Sabour, and the CEO of Arkan Palm for Real Estate Investment Mamdouh Badr El-Din.

The minister of housing noted that the projects are to be constructed on a total area of 849 acres on a number of plots in the cities of Sheikh Zayed and 6 October, with the aim of pumping investments of about EGP 93.5 billion and providing 163,000 direct and indirect job opportunities.

The agreement with Arkan Palm involves the construction of an integrated commercial, administrative, medical, and recreational complex overlooking the 26th of July Axis in Sheikh Zayed City, on an area of 205 acres and at an expected investment cost of EGP 59 billion, providing about 57,000 job opportunities.

The agreement with SODIC involves the construction of an integrated urban community on the Dabaa axis, the western extension of Sheikh Zayed City, on an area of 500 acres with an expected EGP 29 billion in investments and 100,000 job opportunities.

The housing minister said that a meeting with the World Bank mission in Cairo will be held later on Thursday to review ways of involving real estate developers in the implementation of social housing projects and other projects carried out by the Urban Communities Authority.

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