LE6.4 billion development projects to be done by Dec 2017

CAIRO – 2 July 2017: The Central Authority for Reconstruction “plans to finish 15 developmental projects nationwide worth around LE 6,436,600 billion ($3,553,187 million)” by December 2017, Minister of Housing, Utilities and Urban Communities Mostafa Madbouly, said Saturday.

The Central Authority for Reconstruction is affiliated with the ministry.

In an official statement on July 1, Madbouly said the major projects include the June 30 Axis Road, which is a parallel route to the Suez Canal, Al-Farafra/Dairout Axis Road and the southern Fangarry Tunnel in Cairo governorate.

Al-Farafra/Dairout Axis will be completed with an investment cost of LE 1.67 million ($92,000), designed to create new urban communities, attract investment, increase development opportunities and facilitate and shorten the journey between Assiut and New Valley, added Madbouly.

Another important project expected to be completed during the upcoming six months is the southern Fangarry Tunnel, which is 1,200 meters long. The project aims to connect the Ring Road eastward to the Corniche in the west, and to create an axis in the central Cairo area. It also reduces the time and distance between the east and west of Cairo.

According to Mohammad Nasser, the head of the Central Agency for Reconstruction, other projects shall be done such as the Murad tunnel at the cost of 268 million pounds, in Giza, with two directions, each seven meters wide. This project is designed to reduce traffic jams and burdens on the Corniche and in Al-Nahda Square.

The head of the Central Agency for Reconstruction said that the third phase of internal roads projects will be in Dahab City, expected to be done for 31.5 million. The project’s aim is to support tourism in Dahab and facilitate the movement of traffic.

A project to settle the Nubian people in Wadi Karkar area in Aswan is an addition to the third stage of the process. The estimated cost of the project is 35 million.

Nasser added that the completion of 200 housing units in El Kaser village in the New Valley will cost around 45 million.

He further clarified that 430 housing units will be completed in Halaib and Shalatin in the Red Sea Governorate at an average cost of LE 68 million.

Earlier, in Egypt Property Show (EPS) 2017, Madbouly said real estate affects the growth of around 90 domestic construction-related industries and employs eight percent of Egypt’s total labor force.