Minister of Housing, Utilities, and Urban Communities Assem El Gazzar has witnessed the signing of a cooperation protocol between the New Urban Communities Authority (NUCA) and the Holding Company for Cotton, Spinning, and Weaving to develop some of the unused lands owned by the latter company or its subsidiaries across Egypt, Invest-Gate reports.

Under the deal, NUCA will help in the urban development of the state-run company’s unused plots, thereby preparing an integrated urban plan, carrying out work for residential and mixed-use activities, offering properties for sale, not to mention purchasing some of these parcels, El Gazzar confirmed in a ministerial statement on December 15.

The move comes in line with presidential directives for the optimal utilization of state assets to achieve maximum benefits. According to the minister, the agreement reaffirms the fruitful cooperation between the authority and companies affiliated with the Ministry of Public Enterprise Sector (i.e. Holding Company for Cotton, Spinning, and Weaving).

On his part, Minister of Public Enterprise Sector Hisham Tawfik indicated the housing ministry, in collaboration with concerned bodies, will support the achievement of maximum return of investment to these lands. He also noted that proceeds from that development will be directed toward the restructuring of the Holding Company for Cotton, Spinning, and Weaving, with costs exceeding EGP 21 bn.

In early December, Cabinet Spokesman Nader Saad has uncovered the allocation of EGP 10 bn for phase I of the development project of Egypt’s provincial capitals and major cities, which would be carried out over two phases, after first attaining lands endowed to government authorities and ministries nationwide, as highlighted in a previous official statement.