Investment in housing, infrastructure sector record LE 400B

CAIRO – 8 January 2018: The value of projects implemented in the housing, infrastructure and slum development sectors since 2014 stood at LE 400 billion, Minister of Housing Mostafa Madbouly said Monday.

In a speech he delivered during the inauguration of a number of projects in the 10th of Ramadan City, which was also attended by President Abdel Fatah al-Sisi, Madbouly provided a brief on major housing projects built since 2014.

Talking about the real estate sector, Madbouly highlighted that investments in that sector alone were LE 171 billion, with around LE 130 billion of them already spent.

“These projects include finishing 245,000 social housing units, 25,000 units under slum development projects, developing 25 cities, finishing 326 water and sanitation projects and 1,190 roads and bridges,” Madbouly said.

The minister added that the housing ministry is currently building 600,000 social housing units with LE 103 billion in investment, creating more than 2 million job opportunities.

In a previous report issued by the Ministry of Housing on the achievements and challenges facing the sector since 2014, Madbouly said that the ministry was able to renovate slums by constructing 20,000 homes in unsafe areas worth LE 3 billion and 74,000 more units are being implemented worth LE 14.5 billion.

The ministry has also launched a recent ambitious project, Sakan Masr, which comprises of 40,000 homes in six new cities including New Cairo, 6 October City, Badr, Obour, New Damietta, and New Minya.

Another ministry milestone is the New Administrative Capital that spans over 170,000 feddans and is expected to accommodate 6.5 million citizens.

The ambitious project will include government institutions, entertainment and commercial outlets, all types of residential units worth LE 15 billion, administrative buildings, offices, and public services.

One of the anticipated ministry's projects is new Al-Alamein City. Madbouly said the project will re-define the coastal areas of the country, connect Borg El-Arab with Matrouh and other coastal cities, and hold several economic and touristic beneficiaries.

Spanning over 50,000 feddans, new Al-Alamein City holds investments worth $ 4 billion to $ 5 billion in the first phase that will accommodate 400,000 citizens.