Osama Rabi, head of the Suez Canal Authority, witnessed the signing of a cooperation protocol between the Suez Canal Authority and the Egyptian Engineering Company, by which it is mandated to launch the residential units to citizens in the giant national housing project of the New Ismailia City, Invest-Gate reports.

The Protocol of Cooperation was signed by Engineer Nevan Imad Al-Din, Director of Works Management, representing Suez Canal Authority, and Engineer Ashraf Khanifer, Chairman of Egyptian Engineering Company, in the presence of a number of leaders of the Suez Canal Authority.

The Egyptian Engineering Group has established a major alliance with Go Green Real Estate Company, one of the leading companies in the Egyptian real estate market, under the name of New land Real Estate to carry out the Sales & Marketing of the project and offer it the latest ways to achieve the required sales targets.

Lieutenant General Osama Rabi, head of the Suez Canal Authority, stressed that the Egyptian State has achieved unprecedented achievements in the field of urbanization throughout the country, implementing the vision of His Excellency President Abdel Fattah el-Sisi, President of the Republic, by establishing a large number of new cities to provide adequate housing commensurate with all segments of the Egyptian people.

General Osama Rabi added that the new Ismailia City is one of the Major Achievements of the urban development of the Sinai Peninsula region and is characterized by its geographical location on the Suez Canal directly in a distinctive and strategic location equipped to include all services that achieve a dignified life suitable for citizens, in addition to the availability of various means of transport, including tunnels, fatigues and floating bridges

Eng. Ashraf Khanifer, Chairman of the Egyptian Engineering Group, confirmed that the project has a great economic and social dimension. The city was founded luxuriously with fully functioning integrated services and will constitute a fundamental urban extension of New Ismailia City to create an integrated community of commercial, educational, recreational and sports services that is already operational.

Engineer Hisham El-Masry, Chairman of Go Green Real Estate, added that the company is honored with its important role in the implementation of the first offering of this national project. The new 8,000-acre New Ismailia city corresponds to the latest major projects in the Arab Republic of Egypt. Stressing that the first offering is an unprecedented opportunity to own fully finished housing units and facilities ready for immediate delivery at a premium price and payment methods up to 20 years.

Based on the role of the Suez Canal Community Authority, Osama Rabi stressed the Authority’s desire from the outset to own multi-area housing units in the New Ismailia City, allocate part of them as administrative headquarters of the Authority and resubmit the other part to all Egyptian citizens without profit.

This comes in line with the role of the Suez Canal Community Authority and in line with the Egyptian State’s vision on urbanization and the political leadership’s desire to provide adequate housing for all Egyptians by providing long-term repayment facilities and low returns, in the context of the real estate finance initiative to support the middle-income category, under the auspices of the Central Bank of Egypt.

The first phase also includes the placement of 960 fully finished apartments for sale to all citizens in the first district of New Ismailia City, spread over 35 buildings with areas of 100 m2, 135 m2 and 165 m2, facilities and repayment facilities, and the subsequent completion of the sale of a number of other housing units in the following stages.

New Ismailia city is one of the nation state projects located on the eastern shore of the Suez Canal and managed through the New Urban Communities Authority, The city has 56 thousand units, spread over 5 residential districts, In a variety of areas, it accommodates 320 thousand inhabitants, features sub-service areas for each residential neighbourhood. The city is a central service area serving all neighbourhoods, including a medical complex, government service facilities, a mosque, a church and a police complex, as well as active social, sports, recreational and educational clubs.

In a related context, Osama Rabi, Chairman of the Suez Canal Authority, also witnessed the signing of a cooperation protocol between the Authority and the Suez Canal Bank on providing real estate financing facilities for the sale of housing units owned by the Authority in New Ismailia City east of the Suez Canal, in the presence of Mr. Akf, Chief Executive Managing Director Director

The Protocol was signed by Dr. Muntasser Khalil Abdel Fattah, Director of Financial Management representing the Authority, and a representative of the Bank signed by Mr. Al Haitham Al-Cyprusully, Head of Corporate Finance Sector.