NUCA Allocates EGP 500 mn to Develop Shantytowns

NUCA Allocates EGP 500 mn to Develop Shantytowns
A general view of residential buildings under construction in El Katameya district of New Cairo March 30, 2013. Two years of upheaval have devastated much of Egypt’s economy. The Egyptian pound has lost about 14 percent of its value. But for the real estate industry, especially the upmarket part of it which caters to people with large amounts of savings, the weak pound is actually fairly good news. In addition to Egyptians, the weaker currency makes Egypt more attractive for investors from other Arab countries trying to escape instability at home, especially Libya, Syria and Sudan. Picture taken March 30, 2013. To match Mideast Money EGYPT-HOUSING/ REUTERS/Amr Abdallah Dalsh (EGYPT – Tags: POLITICS BUSINESS REAL ESTATE CONSTRUCTION) – RTXY6TZ

The state-run New Urban Communities Authority (NUCA) has directed part of its profit surplus in the past one and a half years to developing shantytowns, Invest-Gate reports.
NUCA has achieved a profit surplus of over EGP 13 bn during the past one and a half years,  EGP 500 mn of which has been directed to the upgrade of shantytowns and informal areas.

Minister of Housing Moustafa Madbouly makes the statement during his participation in the housing committee meeting of the House of Representatives.


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