Tunisian parliament, cbank chief tell govt to cut spending plans    Egypt extends deadline for reconciliation requests in building violations to 30 November    Hundreds of Muslims hold anti-France protest in Bangladesh    Russia approves bill allowing national law to trump international treaties    US accuses Syria of delaying constitution ahead of election    Europe enacts new curbs as COVID surges in absence of vaccine    Live score: Juventus v Barcelona (UEFA Champions League)    Fathi Hassan's exhibition at ZAGpick gallery is a must go    Don't miss the webinar with Secretary-General on the UN's 75th anniversary Fabrizio Hochschild    Real snatch draw at Gladbach with late Casemiro goal    The Senate and the return of party politics    Egypt reports 170 new coronavirus cases, 11 deaths on Tuesday    Al-Sandouk Al-Aswad (The Black Box)    Parliament's ‘driving force'    Salah on target as Liverpool labour to 2-0 win over Midtjylland    Sculptor Tarek Zabady, tamer of difficult materials    GERD: In quest of meaningful negotiations    Egyptian child Maysarah wins Austria 2020 'Person of the Year' award    Egyptian insurance companies' premiums 9.6% up in five months    Egypt's President Sisi names new head of anti-corruption watchdog    Egypt's c.bank offers 18 bln pounds T-bills on Sunday    EgyptAir offering discounts for some international flights    Egypt records 212 new coronavirus cases, 14 deaths on Saturday    Egypt to require PCR coronavirus tests for airport travelers    Egypt sends 125 tonnes of glass by sea to Beirut    Legend Messi officially wants to leave Barcelona, hands transfer request    Global smartphone sales drop 20% in Q2, yet Apple's iPhone sales steady    Sisi: Egypt keen on establishing development projects with Iraq, Jordan    Egyptian megastar Amr Diab releases new hit music video    Making of Harry Potter will be available for fans at new park in Tokyo    Egypt's Senate elections official results to be announced Wednesday    Netflix Egypt is bringing megastar Amr Diab back with a new original    Egypt reopens Rafah border crossing for first time since April    Egypt's senate elections 2020 trending on social media in few days    African Champions League final will be played on Oct. 16-17, CAF says    No room to delay Egyptian Premier League games – EFA's board member    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.

"Urban communities" increase investments in "administrative capital" to EGP 10bn
Madbouly is offering foreign companies to participate in developing projects in new cities
Published in Daily News Egypt on 07 - 11 - 2017

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.

Clic here to read the story from its source.