Prime Minister Mostafa Madbouly, who is also serving as Minister of Housing, Utilities, and Urban Development, has witnessed a protocol signing between Cairo Governorate and New Urban Communities Authority (NUCA) to develop El Mawardy Area in Al Sayeda Zeinab neighborhood, Invest-Gate reports.
Assem Al Gazar, Deputy Housing Minister for Urban Development, has said, “The two parties have agreed to develop El Mawardy that is built on a total area of 3.5 acres.”
A corporation agreement has also been signed between the two parties regarding the transfer of the ownership of a land in Maspero Triangle -dedicated to a residential complex- from the governorate to NUCA.
ِAl Gazar has added that NUCA will handle the development of the land in Maspero Triangle to build an integrated residential complex; the authority will own the land in return for a financial compensation to be given to the area’s residents.
Khaled Sedeek, Executive Director of the Informal Settlement Development Fund, has revealed that NUCA will be responsible for the re-designing the area and offering units for the Maspero Triangle’s residents. The authority will also handle the maintenance of all utilities and infrastructure in the area.
Cairo Governor Atef Abdel Hamid has said, “the two parties have agreed to co-develop a services project in the area, with each party sharing 50% the project’s revenues and expenses”.