Sherif El Sherbini, Minister of Housing, Utilities and Urban Communities, continued his tour of October Gardens City as part of his inspection of several new cities, focusing on the status of the Sun Capital urban complex project, Invest-Gate reports.

The project is one of the ministry’s partnership projects with the private sector in October Gardens City.

El Sherbini was accompanied by officials from the ministry, the New Urban Communities Authority (NUCA), the city’s authority, and project officials.

During his visit, El Sherbini stated that the Egyptian government provides comprehensive support to investors and works to create an attractive climate for investment. “We are committed to periodically following up on all existing projects in partnership with the private sector,” he said.

He expressed his satisfaction with the Sun Capital project, viewing it as a successful model of collaboration between the Egyptian government, represented by NUCA, and the private sector.

Additionally, he hopes to replicate this successful experience in other projects in which the Ministry of Housing is involved or plans to participate in Egypt.

Furthermore, El Sherbini explained that NUCA aims to provide facilities to investors, in line with the directives of Egypt’s President Abdel Fattah El-Sisi, and is committed to ensuring flexibility and streamlining procedures. The allocation through the partnership system offers various payment stages for the land value, while NUCA receives a cash share of this value.

The project also includes an in-kind share for NUCA, comprising approximately 653,000 sqm of residential space, in addition to 50,000 sqm for administrative activities. Eleven residential buildings have been received as part of NUCA’s share in the project.