Minister of Housing Mostafa Madbouly announced Sunday his ministry will propose a commercial project at the Sharm El-Sheikh Economic Summit, which will need EGP 12.5bn in investments. In a statement, Madbouly said the project will be called the "Business and Finance Centre", and will be built over 2,000 acres in the 6th of October City and Sheikh Zayed. He added that the project will aim to make use of the land and develop the services in both cities. The project's return on investment will range between 25% and 30%, Madbouly said. The "October Oasis" project will also be proposed by the ministry during the Economic Summit, and is set to cost EGP 150bn. The project will be built over an area of 10,000 acres in the south of 6th of October City, and will be surrounded by the Ring Road and the Fayoum road. The city is the ministry's largest project to be announced at the Economic Summit and will include residential, commercial and hospitality elements, Madbouly said. Earlier in February, Madbouly said the new housing's budget has more than doubled during the current fiscal year (FY), adding that an allocation of EGP 28bn is expected for FY 2015/2016. The real estate and construction sector witnessed much activity in early February. The New Urban Communities Authority (NUCA) will offer four pieces of land, ranging between 2,900sqm and 14,200sqm in a closed tender public bidding in Sheikh Zayed. The NUCA also issued in February seven tenders for development projects in different cities across Egypt. The authority's vice president, Kamal Fahmy, said that four tenders were issued by the local authorities in New Qena and another two in New Tayba, located in the Red Sea governorate. The last project tender was located in Sadat City, which is one of the largest industrial cities in Egypt.
