NUCA Partners With TMG in Noor City

NUCA Partners With TMG in Noor City

Minister of Housing, Utilities, and Urban Communities Assem El Gazzar and Hisham Talaat Moustafa, CEO and managing director of Talaat Moustafa Holding Group announces the establishment of Noor City, a partnership between the Arab Urban Investment Company, a subsidiary of TMG, and the New Urban Communities Authority (NUCA)Invest-Gate reports.

Noor City spans over an area of ​​5,000 acres in Capital Gardens City, with a total investment of EGP 500 bn. It is the first green smart city in Egypt and is scheduled to include 140,000 housing units (buildings and villas), accommodating about 600,000 people, besides commercial, administrative, governmental, and other service areas, which will generate taxes for the state worth EGP 110 bn, and provide about 3.3 mn regular and irregular job opportunities, according to the company’s press release on June 6.

El Gazzar affirms that the ministry has adopted the partnership method with the private sector, in line with the state’s policy of involving the private sector in the comprehensive development process that the Egyptian state is currently witnessing. He further elaborates that the partnership reflects mutual trust between the government and the private sector.

Moreover, the minister indicates that the idea of the ​​partnership with NUCA depends on allocating land to a major real estate development company, known for its efficiency and has great experience in the real estate field, and NUCA will provide payment facilities in paying for the land value. In contrast, NUCA will have a share of the project’s units.

On his part, Moustafa says that the location of the Noor City has been selected with great care, to be in front of the New Administrative Capital, and on the most important axes of urban development in Egypt, east of Cairo, which is expected to witness a population growth from a current 4.5 million to 10 million people by 2030.

Moustafa also confirms that the new city will include integrated services and modern applications for the first time in Egypt, such as 5G technologies. It will also adopt the idea of ​​smart cities, using the latest technologies with an advanced infrastructure of “Fiber Optics”.


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