Minister of Housing, Utilities, and Urban Communities Assem El Gazzar said the government is moving forward with the National Strategic Plan for Urban Development of Egypt, naming some mega national projects such as Dabaa and New Alamein, and revealing plans to establish more in Marsa Matrouh and Beheira provinces, Invest-Gate reports.

El Gazzar’s announcement came during his speech at a business dinner on June 16, convened by Egyptian Businessmen’s Association (EBA) in collaboration with Council of Saudi Chambers, at Intercontinental Semiramis Hotel, aiming to reinforce bilateral ties between Egyptian and Saudi investors.

During his speech, El Gazzar expressed his warm welcome to the Saudi delegation, praising the business climate of the Egyptian real estate market, and encouraging foreign and local investors to pump new investments into the sector.

“The government mulls a new mechanism to involve real estate developers in social housing projects, which is expected to be activated within a few weeks,” the minister indicated, pointing out that the state is also trying to facilitate the procedures of land acquisition in a way that guarantees high quality and low prices for the end consumers.

The dinner event was also attended by Chairman of General Authority for Investment and Free Zones (GAFI) Mohsen Adel, MENA Group’s Founder Fathallah Fawzy, Chairman of National Real Estate Committee at the Council of Saudi Chambers Hamad Bin Ali Al-Showair, alongside a number of Egypt-based real estate developers, including City Edge Developments, Tatweer Misr, Iwan Developments, to name a few.

The binary business dinner, held between Egyptian and Saudi investors, comes as part of the National Real Estate Committee at the Council of Saudi Chambers five-day visit to Egypt, which includes trips to New Alamein, El Galala City, and the New Administrative Capital (NAC).