Minister of Housing Mostafa Madbouly said he would consider cooperation between the government and the private sector for the implementation of 500,000 housing units for middle-income housing in Egypt. The initiative was proposed by the General Division of Real Estate Investment at the Chamber of Commerce. Madbouly called upon the division to benefit from the Central Bank of Egypt's real estate finance initiative as it sets a price roof for each housing unit to be equivalent to EGP 500,000. The project, according to the division's plan, is set to be implemented in between five and seven years. The ministry's share of the project will be provided as the project progresses, in parallel with the implementation of the project's phases. However, the ministry will still study the plan presented by the division, as well as the division of shares in the project. Madbouly requested that the division of each unit would not exceed an area of 150 metres. During a meeting with a delegation from the real estate investment division, Madbouly noted that the ministry is more than ready to cooperate with the private sector in such projects, and that as a general principle, the idea of the 500,000 housing units project is acceptable. He also indicated that the Upper Egypt area should be the largest beneficiary from this project, with more units being implemented there. Another middle-income housing project is to be established in cooperation with UAE construction company Arabtec Holding, and the New Urban Communities Authority (NUCA), which is affiliated with the Ministry of Housing. The 1m residential-unit project will be implemented in four stages over the next five years with a cost of $40bn. Arabtec will provide NUCA with the housing units and public services. The ownership of the project will then be transferred to the concerned authorities upon completion.
