"Urban communities" increase investments in "administrative capital" to EGP 10bn Madbouly is offering foreign companies to participate in developing projects in new cities
New Urban Communities Authority (NUCA)targets increasing allocating new projects worth EGP 10bn in the new administrative capital during current fiscal year. NUCA is seeking to increase the targeted investments for the completion of the residential district that includes 25 thousand units in addition to completing the facilities of the first phase of the administrative capital with an area of 40,000 acres. NUCA will increase their investment in the administrative capital during the current fiscal year from EGP 7-8bn EGP 10bn, with the possibility of increasing them according to the completion rates in the project, said a governmental source. The source added stating that, construction companies started finishing the residential units first, it is scheduled to pay the companies' dues by the next year and estimate the final value of the implementation of square meter, which rises with the increase in prices of raw materials to close to EGP 5,000 instead of EGP 3,000 at the start of construction. The initial investment of the Authority in 2017-2018 is about 31 billion pounds. The administrative capital allocation is not included in the NUCA investments for the development of new cities. The Authority spent EGP 6bn on the capital's administrative projects in the last fiscal year. The sources pointed out that the sales of the first residential units in the capital provide resources to finance the remaining stages of the project, but the investments pumped by the Commission is part of its contribution to the "Capital Administrative for Urban Development". The sources said that the Authority is considering participating in the implementation of new residential units within the "administrative capital" and completed the planning residential neighbourhood R7 and R8 with a total area of 5,000 acres. The area of the administrative capital is 170,000 acres and a project management company was established with the contribution of the armed forces and the NUCA. Minister of Housing Mostafa Madbouly participated in the "Batimat-Paris Real Estate" exhibition and conference in France, which is holding a special seminar on Egypt on the sidelines of the conference. The conference will be held from November 6 to 10 and will be the largest exhibition in Europe, with the participation of African and European countries, attended by more than 72,000 visitors. Housing Ministry sources told Daily News Egypt, that Madboly will present the investment opportunities available in the Egyptian real estate sector during his participation in Batimat. The French Embassy in Cairo offered to the Ministry of Housing to organize a visit by the consulting offices and the French investors to Egypt to see the investment opportunities in the new cities. Madbouly said that the ministry coordinates with the French embassy to organize the visit within the plan to attract domestic and foreign investments in various projects. The sources added that the ministry will offer the French delegation investment opportunities in the first phase of the new administrative capital, especially with the signing of protocols of cooperation with a number of foreign companies to develop projects in the administrative capital and offer investment opportunities in the new city of El-Alamein on the Mediterranean coast. The total area of the new El-Alamein city is 48,000 acres. The first phase consists of two main sectors with an area of about 8,000 acres, namely the coastal sector. It includes the World Tourism Centre sector, the archaeological sector and the urban sector.
