Egypt After 2025: Navigating a Critical Inflection Point    Spot Gold, futures slips on Thursday, July 17th    Egypt's EHA, Huawei discuss enhanced digital health    Egypt expresses condolences to Iraq over fire tragedy    Egypt, Oman discuss environmental cooperation    Egypt's Environment Minister attends AMCEN conference in Nairobi    At London 'Egypt Day', Finance Minister outlines pro-investment policies    Sukari Gold Mine showcases successful public–private partnership: Minister of Petroleum    Egypt's FRA chief vows to reform business environment to boost investor confidence    Egyptian, Belarusian officials discuss drug registration, market access    Syria says it will defend its territory after Israeli strikes in Suwayda    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    Sri Lanka's expat remittances up in June '25    EU–US trade talks enter 'decisive phase', German politician says    Egypt's Health Min. discusses drug localisation with Sandoz    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







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



Egypt invests EGP 43bn in real estate sector over 30 months: Housing Minister
NUCA started building 9 new cities at once, says minister
Published in Daily News Egypt on 31 - 10 - 2016

The Egyptian government has pumped investments estimated at EGP 43bn into the real estate sector over the last 30 months, according to Minister of Housing Mostafa Madbouly.
Madbouly added that in the past 20 years, only EGP 30bn were invested in Egypt's real estate sector, highlighting that the current numbers signify a massive leap.
He noted that the EGP 43bn were invested in social housing projects, the 1 million units project for lower income citizens, and the Dar Misr project for middle-income citizens, as well as in connecting lands to utilities.
The minister announced that the Housing Ministry, represented by the New Urban Communities Authority (NUCA), started to build nine new cities at once.
At a press conference held Sunday, Madbouly said that NUCA has the financial efficiency and ability to fully fund real estate projects without resorting to investments allocated to the general budget.
He pointed out that the most prominent of these projects are the New Administrative Capital, New Toshka, New Ismailia, the East Port Said housing project, and a new city at the Galala Plateau.
Moreover, the minister announced that in the coming period, two new cities in Upper Egypt will be inaugurated as part of the ministry's plan to launch new generations of cities in the country.
Commenting on the priority given by the government to the New Administrative Capital, Madbouly assured that the government doesn't have any other opportunities to meet the demands of the growing population, and eliminate ashwa'yat (informal housing areas). Prior planning and the launch of new cities are the only way to face this challenge, according to the minister.
"We are 10 years late in launching the New Administrative Capital," Madbouly noted.


Clic here to read the story from its source.