Prime Minister Mostafa Madbouly, who is also the Minister of Housing, Utilities, and Urban Development, announced that Al Asmarat 3 residential project has been completed by 97.4%, Invest-Gate reports.

The project’s total cost is approximately EGP 2 bn, EGP 1.5 bn are from the state’s Informal Settlements Development Fund (ISDF) and EGP 500 mn from Tahya Misr Fund, Madbouly has revealed in a statement issued on Saturday, July 7.

Comprising of 124 residential buildings, Al Asmarat 3 project’s buildings will provide 7,400 residential units, in addition to 176 commercial units.

ISDF Executive Director Khaled Sedeek has pointed out that the projects sewage and drinking water networks have been finalized, whilst 75% of the electricity network and 98% of the gas network are implemented.

Situated in Mokattam, the project will include a mosque, a church, selling outlets, five playgrounds, banquet hall, garden for children, nurseries, health units, bakery, and parking for cars, according to Sedeek.  

Meanwhile, the Minister of Investment and International Cooperation Sahar Nasr, Minister of Military Production Mohammed Al-Assar and Minister of Youth and Sports Ashraf Subhi are following up on the establishment of an ideal youth center at Al Asmarat in accordance with the protocol signed between the three ministries. 

To be implemented by the Military Production Company for Projects and Engineering Consultations, the center will include playgrounds, swimming pools, and a gymnasium, according to a ministerial statement.