Housing Ministry signs 3 contracts with investments of LE90B

CAIRO – 21 March 2019: Minister of Housing, Utilities and Urban Communities Essam el-Gazzar announced signing partnership contracts between the New Urban Communities Authority of the Ministry of Housing and a number of real estate development companies.

The minister pointed out that the volume of investments in these contracts amounts to LE 90 billion, accommodate 160,000 jobs and open up more areas in the real estate market.

Gazzar added in a press conference at the Council of Ministers that these agreements come within the framework of efforts to achieve urban development and start projects faster to benefit all parties.

He noted the benefit is achieved in terms of issuing licenses and facilitating procedures, stressing that the more the operations implemented, the more the state benefits.

He further explained that there will be a meeting with the World Bank to involve real estate developers in housing projects.

The contracts included the signing of a partnership with three companies for the development of real estate; the first is between Al-Ahli Real Estate Development Company and the authority for an integrated urban project on an area of 144 feddans in the city of October.

The contracts also included the signing of a partnership agreement between the Urban Communities Authority and Arkan Real Estate Investment Company for an integrated urban project covering 205 feddans in Sheikh Zayed City.

The third partnership agreement was signed with SODIC for an integrated 500-feddan urban project in Sheikh Zayed.