Egypt will offer 44 investment opportunities in the country’s new cities, with areas ranging from 30 to 500 feddans, Invest-Gate reports.
This comes as part of Minister of Housing and Urban Communities’ Mostafa Madbouly’s announcement at Al-Ahram Real Estate Conference held in UAE. Investors provided EGP 160 billion in the real estate sector last year, according to a released statement.
“Approximately 600,000 homes should be built annually to accommodate the rising population of Egypt,” says Madbouly.
He furthers adds that residential and government-based offices are being finalized in the new Administrative City alongside developments occurring in nine new cities that were established three years ago.
The new Administrative Capital is expected to include 20,000 houses for civilians. Madbouly added that around 23 investments were pumped in the Cairo, Damietta, Giza, and Aswan governorates.