The New Urban Communities Authorities (NUCA) is to pump EGP 50 bn worth of investments in 2017 compared to this year’s EGP 37 bn, according to an unnamed source at the Ministry of Housing, Utilities, and Urban Communities, reported Al Borsa.
This large investment comes in line with NUCA’s offering approximately 7,000 acres of land to investors and partnering with the private sector to execute several projects. Those 7,000 acres will be made available for investments under the new investment law.
Next June, the NUCA will also offer around 1600 acres of land for public services investments, including 345 land plots within its new phase of the social housing projects.
NUCA will also add facilities on 35,000 acres in several new cities including Al Alamein City, east of Port Said, and those located in East of Upper Egypt during the first phase of several developments, stated El Ghad. NUCA is suggesting putting more land on offers if demand increases.
Furthermore, Bait Al Watan project expects to add more phases in 2017 for
Egyptians abroad including Rehab City and Madinaty; such units will be sold in foreign currency.
NUCA also plans to sign partnership contracts with the private sector mid-2017 for more projects, including eight land plots measuring at 2,855 acres located in four new cities to be announced next month.