Prime Minister Dr. Mostafa Madbouly reviewed the executive progress and financial status of the projects of the New Urban Communities Authority (NUCA) during a meeting held today, attended by Dr. Hussein Mohamed Ahmed Eissa, Deputy Prime Minister for Economic Affairs; Eng. Randa El-Menshawy, Minister of Housing, Utilities, and Urban Communities; Dr. Walid Abbas, Deputy Minister of Housing for Urban Communities; Mr. Mohamed Ragai, Mohamed Ragai, Deputy Chairman of NUCA for Financial, Administrative, and Eng. Amr Khattab, Assistant Minister of Housing for Technical Affairs and Projects, Invest-Gate reports.
Reviewing the Executive and Financial Status of NUCA Projects
The Prime Minister emphasized that the meeting aimed to review the executive status of NUCA’s projects and their financial position, noting that the authority is one of the most important entities in Egypt. It represents a key arm for achieving urban development and plays a pivotal role in providing housing units for different income segments.
Dr. Madbouly added that the state is keen to ensure the authority achieves its targets by sustaining its role as a key supporter of the national economy, maximizing the utilization of assets owned by the authority and new city agencies—whether land or real estate units—and expanding effective partnerships with the private sector in project implementation.
Reviewing the Implementation of New City Projects
During the meeting, Eng. Randa El-Menshawy reviewed the executive status of several major projects implemented by NUCA across various new cities. These include housing, services, infrastructure, and utilities projects. She also discussed delivery rates of housing units to beneficiaries across different housing programs, highlighting the commitment to high standards of construction and finishing.
She further addressed marketing and promotion rates for residential and developmental projects in the new cities, aiming to maximize the value of investments injected into these projects, increase occupancy rates in the cities, and enhance returns from these developments.
Financial Performance of the Authority
Meanwhile, Mr. Mohamed Ragai, Vice Chairman of NUCA for Financial and Administrative Affairs, presented a report on the authority’s activity over the past years, including expenditures, revenues, achieved surpluses, and various financial obligations.
Proposal to Convert Housing Units into Hotel Rooms
The Minister of Housing also discussed a proposal to utilize certain residential units as hotel rooms as part of the government’s “Invest in Egypt” initiative. She reviewed the geographic distribution of targeted hotel rooms across different sectors until 2030, including Upper Egypt, the North Coast and Alexandria, Greater Cairo, South Sinai, and the Red Sea Governorate, adding that these numbers are expected to increase by 2035.
Strategic Plan for Hotel Units
In this context, Dr. Walid Abbas, Deputy Minister of Housing for Urban Communities, presented the status of the strategic plan for the targeted hotel units across different sectors, outlining the achieved numbers in each sector, their distribution, and the mechanisms for allocating land plots for this purpose.
Introducing a Rent-to-Own Housing Program
Eng. Randa El-Menshawy also presented a proposal to offer housing units in several new cities under a rent-to-own system. This financing model allows tenants to use a housing unit in exchange for periodic rental payments, with the possibility of owning the property at the end of the contract period under agreed conditions.
In this regard, the minister noted that the program aims to regulate the real estate market, support low-income groups, and provide diverse housing solutions that meet the needs of various social segments.
Details of the First Phase of the Rent-to-Own Program
Dr. Walid Abbas also presented the details of the housing units proposed for the first phase of the program, along with their geographic distribution, which includes Greater Cairo, Alexandria, the Delta, and Upper Egypt. He noted that various unit sizes have been selected to suit the needs of different segments, in addition to presenting details of the units planned for future implementation within the framework of the program.