Waleed Abbas, Assistant Minister of Housing for the Affairs of the New Urban Communities Authority (NUCA), said the authority has developed 375 real estate projects in different cities with investments of EGP 5 trn over four years, Invest-Gate reports.

Abbas added, during the Cityscape Egypt Business Breakfast on January 1, that the ministry has issued 115 ministerial approvals for new real estate projects, distributed over 15 cities during the past year, including 23 projects in the New Administrative Capital (NAC).

He noted that the housing ministry also provided lands with a total area of 20,000 acres for real estate investors, pointing out that the development of 14 new fourth-generation cities has already begun.

“NUCA’s budget amounted to EGP 37 bn in 2017 and EGP 32 bn in 2018. The ministry is currently working on preparing a number of new land offerings in a number of cities across the country including Upper Egypt,” Abbas elaborated, adding that “it is planned to offer these lands in 50 new cities, including 20 fourth generation ones.”