Minister of Public Enterprise Sector Hisham Tawfik said the ministry has officially changed the land use regulations of 182 plots in Egypt, from industrial to residential, as it gears up to offer them for development to real estate companies, Invest-Gate reports.

Tawfik revealed during Egyptian Private Equity Association (EPEA) Sohour on May 14 that the ministry has so far created an inventory of 250 inhabitable lands, covering an area of 20 mn square meters.

“After Ramadan, the public enterprise ministry will begin to offer small-sized plots for developers, which will be directly coordinated with the state alongside offerings of large-sized plots,” the minister noted.

He pointed out that the presidency is preparing a database to regulate the sale of expansive lands, elaborating that the processes of land offerings, whether evaluation or auction, will be thoroughly organized in an attempt to collect the largest proceeds.

The proceeds from the sale of lands will be allocated to finance development and settle debts to electricity and petroleum ministries, in addition to National Investment Bank, which amounts to EGP 38 bn.