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Elham AbolFateh

Egypt

Egypt inks 3 real-estate agreements worth EGP 90 bln investments، Minister

Thursday 21/March/2019 - 02:10 PM
Minister of Housing،
Minister of Housing، Dr. Assem Al-Gazzar
Edited by Hassnein Tayea
Egypt’s Prime Minister Dr. Moustafa Madbouli has attended on Thursday the signing ceremony of thee partnership agreements between the new Urban Communities Authority of the Ministry of Housing and a number of real estate development companiesز

Minister of Housing، Utilities and Urban Communities Dr. Assem Al-Gazzar said that these partnership agreements come within the framework of achieving urban development and completing the implementation of projects faster in order achieve mutual benefit to the parties.


The Minister of Housing said، at a press conference at the Cabinet، that benefit can be achieved in terms of facilitating the procedures and the issuance of licenses required for carrying out the projects.


The minister pointed out that these contracts will help in pumping EGP 90 billion investments، secure 160.000 job openings and open up more areas of the real estate market.


Al-Gazzar added that a meeting would be held with the World Bank to involve real estate developers in housing projects.


The agreement includes signing a partnership contract between three companies for real-estate development and the Urban Communities Authority، first of them was signed with Al-Ahly for Real Estate Development for the implementation of an integrated urban project on an area of 144 acres in October City.


The second agreement was signed with Arkan Real Estate Investment Company for an integrated urban project covering 205 acres in Sheikh Zayed City.


The agreement also includes the signing of a partnership agreement with SODIC for an integrated 500-acre urban project in Sheikh Zayed.

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