Assem El-Gazzar, Minister of Housing, Utilities, and Urban Communities, states that Egypt’s plan to expand in the construction of new urban communities is an economic plan, not just for building, and aims to boost economic development, Invest-Gate reports.
Urbanization is based on two pillars, infrastructure and foundations of civil urbanization, El-Gazzar adds on the sidelines of the Economic Conference – Egypt 2022.
El-Gazzar notes that the government completed projects spanning 13,000 feddans in fourth generation cities in partnership with the private sector with investments of EGP 1.1 tn, which created around 200,000 jobs.
He reveals that the total housing units offered since 2014 reached 2.8 mn, including 1.2 mn offered by the government, while the private sector offered 1.6 mn.
These figures confirmed that there is no competition between the public and private sectors, as the units developed by the government were executed through 1,800 contractors and created 1.5 mn direct jobs and 2.7 mn indirect jobs, El-Gazzar comments.
The minister says that the government plans to build 950,000 new units in the coming three years, which will be awarded to 1,500 companies with EGP 450 bn investments.