Egypt aims to build a million housing units over the coming five years for low- and middle-income citizens to accommodate the country’s rising population, which increases by 2.5 million people every year, according to Khaled Abbas, the deputy minister of housing, utilities and urban communities.
Abbas made his comments during a virtual event hosted by the American Chamber of Commerce in Egypt (AmCham) on Wednesday that shed light on Egypt’s mega projects and how new cities are shaping the country’s future.
Abbas said that Egypt has managed to establish 750,000 housing units since 2014, 420,000 of which have been sold.
Abbas also revealed that the number of new cities in Egypt is set to increase by the end of 2021 to reach 46 cities, including the New Administrative Capital, New Mansoura, New El-Alamein and El-Galala.
Touching upon the Decent Life presidential initiative, Abbas said that the initiative targets upgrading services, sewage and infrastructure in all 4,500 villages in Egypt over the coming four years.
Meanwhile, Abbas said that all embassies in Egypt are expected to move to the New Administrative Capital to contribute to reducing traffic congestion in Cairo, adding that the new capital’s Iconic Tower will be completed by the end of August.
Abbas also said that the tower will include a hotel from the 50th floor to the 80th floor, and will be operated by a global hotel chain that will work in Egypt for the first time.
In addition, there are other 20 administrative and residential towers being built in the new capital that will be finished by the end of 2023, according to Abbas.