The New Assiut City Authority has completed the planning for 2,500 acres of land, as part of the expansion plan which will see the development of 30,000 acres, reported Al Borsa.

Ahmed Omran, Head of New Assiut City Authority, told Al Borsa, “Designs for the project have been finalized and presented to the New Urban Communities Authority for approval. We expect to offer the designs to contractors next year.”

The plan also includes the development of residential units as part of a social housing scheme, as well as entertainment areas, and facility buildings, added Omran. According to him, the city is finalizing the fifth phase of the social housing project,including 3,336 homes to be completed next June 2017.

The authority is also studying the possibility of increasing its budget from EGP 796.1 mn to EGP 900 mn next year; the requested increase comes as a result of the increase in prices of building materials and the current dollar exchange rate following the flotation of the Egyptian pound.