Minister of Housing, Utilities, and Urban Communities Sherif El-Sherbiny held a meeting on Sunday with officials from a company specializing in real estate asset management and institutional development. The meeting aimed to discuss proposals for enhancing performance and maximizing the utilization of the assets owned by the New Urban Communities Authority (NUCA). The meeting was attended by officials from the Ministry of Housing and NUCA. At the beginning of the meeting, El-Sherbiny reviewed the initial work plan prepared by the company in collaboration with NUCA's team to enhance performance and optimize the authority's assets. A comprehensive presentation was given on the key components of the proposed plan. During the meeting, El-Sherbiny emphasized that the Ministry of Housing's strategic approach targets the global market by promoting unique projects internationally, such as the Central Business District at New Administrative Capital. The strategy also aims to reduce the burden of managing, maintaining, and operating these projects, as well as infrastructure initiatives, through partnerships with the private sector. The minister hoighlighted the importance of quickly implementing an actionable plan to ensure efficient management of NUCA's assets, achieving the desired outcomes of maximizing the authority's resources and assets. He noted that collaboration in improving the authority's operations is tied to achieving positive results. At the conclusion of the meeting, El-Sherbiny reaffirmed the ministry's commitment to providing all forms of support to achieve optimal performance and development within NUCA, particularly in asset management and resource maximization. He also highlighted the importance of ongoing meetings between NUCA's team and the company to expedite the progress of work. The total estimated budget for the NUCA for the fiscal year (FY) 2024/2025 amounts to EGP 229.1bn, compared to an actual approved budget of approximately EGP 311.95bn for the current FY, reflecting a decrease of EGP 82.8bn, according to the House of Representatives' Budget and Planning Committee. The net profit for NUCA is estimated at EGP 3.35bn for the FY 2024/2025, compared to an actual targeted profit of EGP 3.04bn for the current FY, marking an increase of EGP 309.83m, according to the authority's detailed budget.
