Hala Elsaid, Minister of Planning and Economic Development, announces that the ministry’s total targeted investments for urban development in FY 2022/2023 hiked by 21% YoY to EGP 294.2 bn, Invest-Gate reports.
Moreover, investments allocated to real estate projects are 53.7%, representing EGP 157.9 bn. Meanwhile, investments allocated for water and sanitation 35.1%, or EGP 103.4 bn, and 11.2% for construction and building works, accounting for EGP 32.9 bn.
The ministry aims to increase the sector’s production to EGP 3395.2 bn in FY 2022/2023, an increase of 15.6% compared to EGP 2,936.5 bn in FY 2021/2022. Also, the ministry eyes increasing the GDP of the Urban Development Sector to EGP 1955.5 bn in FY 2022/2023, compared to EGP 1681.7 bn in FY 2021/2022.
This increase comes as a result of the continuous implementation of several major national projects and the expansion of housing projects.
Additionally, this increase is due to the growth of the three main sectors included in the urban development sector, namely the construction sector, which is targeted to reach EGP 985 bn in 2022, with a growth of 18.1% compared to EGP 834 bn in 2021.
However, the ministry targets raising the real estate sector’s output to EGP 922.4 bn in 2022, with an increase of 14.5% compared to EGP 805.8 bn in 2021. As for the water, sanitation, and recycling sector, it is targeted to reach EGP 48.1 bn in 2022, a growth of 14.8% over 2021.
It is worth noting that the sector’s achievements in 2021 included preparing plans for about 238,000 housing units in the different axes within “Housing for All Egyptians” initiative and approving planning, division, and urban design for 296 urban, service, and investment projects.
These projects include about 55 projects in 4G cities and 12 projects in the North Coast. These projects also span over 38,000 acres in 12 new cities and provide about 300,000 job opportunities.
Furthermore, around 2,272 allocation requests were approved for 480 plots over 5,700 acres, 690 attribution orders, and 1,350 offers to develop the construction sector, in addition to residential and service activities in the new cities.
