New Urban Communities Authority (NUCA) agreed to launch the second phase of the public-private partnership (PPP) projects after the success of the first phase, said Mostafa Madbouly, Minister of Housing, reported Al Mal News.
The Authority is targeting investments worth EGP 230 billion in the second phase of PPP projects over 2,855 acres, divided over eight plots of lands in four new cities, Al Borsa News reported.
NUCA approved a number of partnerships, including a 2,000 acre project in south Wahat Road in 6th of October City for Urban Development and Services, for which prior developer expertise of 500 acres is required. Another partnership is a 410 acre project in Sheikh Zayed for an integrated urban development project, for which prior experience was determined at 200 acres.
The NUCA also approved a partnership for 73 acres in Sheikh Zayed City to establish an integrated urban and entertainment hub, with previous required experience of 100 acres. Two additional plots in Sheikh Zayed were approved for PPP projects, specifically 74 acres next to Central Zayed Park and 190 acres in Zayed Crystal Spark, with 150 acres developer experience required.
In New Aswan City, NUCA approved 100 acres for PPP project to develop a touristic area and in New Damietta, while 67 acres were approved to establish a touristic and commercial hub. Property developer must have 100 acres of developing experience for this project.
The first phase of the partnerships launched by the authority in the Egypt Economic Development Conference saw the signing of four contracts worth EGP 131 million for the development of 2,000 acres.