The slum development fund allocated EGP 470 million for the development of dangerous districts in Southern Sinai and Port Said, reported Al Borsa News.

The Fund signed two cooperation agreements with the two governorates, South Sinai and Port Said, to develop slums in the last few days.

The funds will go towards developing 500 residential units in Al Rowysat in Sharm El Sheikh along with their utilities, as well as 1,140 residential units in Hagog, El Eslah and Alganeyan areas.

Development of Al Rowysat is expected to take 12 months to complete and will cost EGP 230 million.

In Hagog, El Eslah and Alganeyan construction work include construction of 57 residential buildings to provide 1,140 residential units. The unit area starts at 79 square meters and the overall is expected to cost EGP 240 million over the span of 18 months duration.