Minister of Housing, Utilities, and Urban Communities Moustafa Madbouly inaugurated the King Abdullah District in the in Etaka district in Suez, as part of the larger social housing project, reported Alborsa News.
Madbouly, together with Ahmed Alhayatmy, the Governor of Suez, handed over 3,000 contracts to residential units, according to Al Mal News.
The social housing project in Suez is spread over 45 acres and includes 25 residential blocks, with a total of 3,000 residential units, said Noaman Albalasi, General Director of the Information Center in Suez.
Furthermore, the Ministry of Housing, Utilities, and Urban Development is developing 9,000 residential units in Suez governorate at a cost of EGP 1.3 billion as part of the social housing program, according to Al Borsa News.
About 6,144 residential units are on the verge of completion in Suez, while construction is set to commence on 2,800 units, and 1,512 units are carried out by the Mortgage Fund for newly married couples, said Madbouly.
Madbouly pointed out that Ministry delivered 50,000 units in new cities and governorates as part of the social housing program. In addition, 530,000 units are currently under construction dedicated to youth and low-income earners.
The allocated budget for the development of informal settlements for the current fiscal year is EGP 1.5 billion, compared to the EGP 870 million allocated the past year.
Construction work for the project began in February 2014 and took one year to finalize, with a total cost of EGP 384 million to execute.
Construction of the utility infrastructure for the second phase of the housing project is currently underway, and will include 47 residential blocks with 1,128 units, said Albalasi.
The government is also planning the third phase of the project in Sheikh Zayed City, which is set to include a total of 84 residential blocks, with 2016 units.