NUCA Approves EGP 37 B Investment Plan for FY 2016/2017

Tuesday, 20th September 2016

The Ministry of Housing, Utilities, and Urban Communities is planning a number of projects, noting that an investment plan worth EGP 37 billion was ratified by the New Urban Communities Authority (NUCA), reported Almal News in an interview with Minister of Housing Mostafa Madbouly.

Further, a total of 36,000 residential units should be completed by the end of this year, as well as the beginning of construction of an addition of 142,000 units that will be part of the social housing project. The first phase of the Dar Misr project for middle-income citizens will be delivered, comprising 31,872 units in eight new cities, and an additional of 55,000 residential units will be built as part of the third phase in 17 cities, stated Madbouly.

The new residential units for middle-income citizens will be delivered in New Cairo, 6th of October City, Sadat City, Shorouk, Obour, and New Damietta, Madbouly confirmed.

NUCA has also agreed on offering a second phase of the PPP projects, following on from the success of the first phase.

The new projects that will be launched in this fiscal year will include residential units, basic foundations, facilities, and amenities, through the new EGP 37 billion investment plan, which compares to last year’s EGP 22 billion plan.

Projects that have been approved by the ministry include 2,000 acres located south of Wahat Road that will be dedicated for residential purposes, said Madbouly.

Plans are being developed to determine land plots that would be suitable for further social housing projects in collaboration with private companies. The conditions for private companies to join in the development stipulate that at least 30% of the area planned for development should be dedicated to social housing, added Madbouly.

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