The New Urban Communities Authority (NUCA) has inked a cooperation protocol with subsidiaries of Holding Company for Cotton, Spinning, and Weaving on the development of integrated urban projects within two plots owned by the latter on Mahmoudia Axis, Alexandria, Invest-Gate reports.

The deal was signed between Vice President of NUCA Financial and Administrative Affairs Sector Mazen Hassan and officials of the aforementioned companies, which are originally affiliated to the Ministry of Public Enterprise Sector, according to an official statement on September 4.

This came in the presence of Minister of Housing, Utilities, and Urban Communities Assem El Gazzar and Minister of Public Enterprise Sector Hisham Tawfik.

Under the agreement, these firms are set to designing an integrated urban plan for both plots, while executing construction works on-site and marketing the developed housing units, after changing their land use to residential/mixed, Mazen explained, noting that NUCA, however, will be responsible for preparing the detailed development plan.

On his part, El Gazzar stressed that the signing marks the beginning of a fruitful cooperation between NUCA and companies supervised by the public business sector, in order to make the most of the available state-owned assets, aiming to achieve the utmost growth return, as per the government’s current approach to integrative work among all authorities.

He noted that a joint committee will be formed to follow up on the accord’s enforcement, including representatives of the housing, and public enterprise sector ministries, along with NUCA and the Holding Company for Cotton, Spinning, and Weaving. The committee shall hold  meeting periodically, at least once every two weeks, and submit a monthly report to the associated bodies on the project’s progress.