Real Madrid's struggles continue with 2-1 loss to Alaves    Egypt, South Sudan exchange viewpoints on support to implementation of peace agreement    New Egyptian league season to end in August; fan attendance not allowed    France's AFD, NBE sign €100 million credit facility agreement    Savills: Boom in global vaccine investment to benefit real estate investors in Middle East    Egypt's exported 4.8 mln tonnes of agriculture products in 11M: Minister    US aircraft carrier deploys to Gulf, Navy says unrelated to 'specific threats'    Ethiopian forces will take Tigrayan capital in coming days, military says    Experts: Virus numbers could be erratic after Thanksgiving    Match winner Afsha continues scoring habit to give Ahly Champions League title    Italy loosens COVID restrictions in five regions, including Lombardy    Egypt's Sisi inspects road projects under construction in Cairo    Light to heavy rainfall forecast in Egypt next week    Ethiopia to generate power from GERD in June 2021, says Ethiopian Minister    Cairo, Alexandria, Gharbiya and Luxor record highest coronavirus infection rates, minister    2021 Grammy Awards: List of nominees in top categories    Egypt's interior ministry takes legal action against 5,226 drivers, 483 shops for violating COVID-19 preventive measures    Sisi calls on citizens to closely observe COVID-19 preventive measures    UAE's ADGM to sign MOU with Israel's securities authority on fintech    Akhenaten performance at the Cairo Opera House is a must go    An advisory chamber    GERD: A point of order?    Leapfrogging the transport network    Cairo International Book Fair suspended for five months over coronavirus concerns    AstraZeneca novel COVID-19 vaccine can be 90% effective, results show    US will reduce number of its troop in Iraq, Afghanistan    Asia forms world's biggest trade bloc, a China-backed group excluding U.S    Egypt unveils largest archaeological discovery in 2020 with over 100 intact sarcophagi    Palestinians mourn the loss their longtime spokesman, Saeb Erekat    Trump says won't blame Egypt for being ‘upset' over GERD dispute with Ethiopia    1st stage of Egypt's parliamentary elections kicks off on Saturday    Global Finance: Egypt's Tarek Amer among the world's top 20 central bank governors    Legend footballer Lionel Messi says he is forced to stay with Barcelona    Egypt, Ethiopia, Sudan to resume Nile dam talks today    Iraqi conglomerate eyes developing land that housed Mubarak-era ruling party HQ    Legend Messi officially wants to leave Barcelona, hands transfer request    The Facebook Preacher's Search for Fame, and Egypt's Economy    Egypt calls on UNSC to address oil spill risks off Yemen coast    Egypt economically strong in face of COVID-19, reforms ongoing: International Cooperation Minister    Arafa Holding reports $144,000 COVID-19-related losses in April    Egypt's efforts in Libya to activate free will of Libyan people: Al-Sisi    Hyksos campaigns were internal takeover, not foreign invaders: study    COVID-19 affects Egypt sporting clubs    COVID-19 will soon turn to seasonal like swine flu: Presidential Health Advisor    ‘Egypt's Support' coalition convenes to discuss its Senate election list    Robbery attempt leads to discovery of Ptolemaic monuments in Qena    Flouting international guidance, Ethiopia unilaterally starts filling its Nile dam    Zaha speaks out after online racial abuse    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Housing Ministry to offer new lands for developers in January
Published in Amwal Al Ghad on 28 - 11 - 2016

Minister of Housing Mostafa Madbouly said that the ministry will offer 2,500 feddans of land in new cities to real estate developers in January.
Madbouly added that the ministry is working on developing the real estate sector through two projects. The first is the development of the New Administrative Capital and the second is the development of new cities in order to transform Egypt into an international hub.
Madbouly noted that despite opposition to the project, the New Administrative Capital is very important. He added that it is being financed by the New Urban Communities Authority (NUCA), which has become extremely financially solvent after its budget was increased from 5 billion Egyptian pounds in the last five years to 37 billion pounds in the current fiscal year.
Madbouly said that the ministry plans on increasing the NUCA's budget to 50 billion pounds in the coming fiscal year. He added that construction of the new capital has been delayed for the past 50 years because Egypt's population inhabits only 6.5% of the country and is rising slowly, despite being an ancient civilisation that stretches back thousands of years.
"We have to double the inhabited area of Egypt before 2052 to 12% by adding an additional 5,000-8,000 feddans worth of land for housing," Madbouly said. "By 2027, we have to have achieved a comprehensive development in areas around the new capital, such as the Suez Canal Area Development Project, New Al Alamen, and East Port Said."
Roughly 22% of Egypt's entire population live in the Greater Cairo area. Madbouly said the country must redistribute its population, adding that the new capital will absorb part of that population and will include new headquarters for many government institutions. This plan would unburden Cairo and redirect much of the population and traffic in order to transform Cairo into a centre of tourism and culture.
The New Administrative Capital is set to occupy 168,000 feddans of land, roughly double the size of New Cairo.
Source: Daily News Egypt

Clic here to read the story from its source.