Egypt's Cabinet has approved some far-reaching legislative amendments to the Capital Markets Act, which governs real estate funds, in a bid to facilitate and reduce burdens halting property investment.
Minister of Housing, Utilities, and Urban Communities Assem El Gazzar and The Sovereign Fund of Egypt (TSFE) Chairperson Hala El Saeed have discussed means of cooperation in several national developments, at a combined cost of EGP 30 bn.
Fitch Solutions said the introduction of 20 new cities across Egypt, along with the upgrading of 23 existing areas, is stirring up demand for Egyptian real estate, in the face of Coronavirus headwinds.
The New Urban Communities Authority (NUCA) has approved the allocation of 81 land plots across 23 new cities for the establishment of various integrated urban projects, including schools, factories, hotels, hospitals, and commercial services.
Germany-based Siemens Energy has been picked by the Egyptian Electricity Transmission Company (EETC) to connect Alexandria's Bashayer El Khair residential project with the country’s national grid.
The New Urban Communities Authority (NUCA) will offer 3,098 housing plots in 11 new cities, ranging between 209 and 287 square meters, through a land lottery system from September 15 to October 15.
Egypt's Cabinet has nodded the establishment of two non-profit universities in New Salhia and Sharm El Sheikh, in an attempt to better serve different areas and change the scope of higher education in Egypt.
The Suez Canal Economic Zone (SCZone) attracted about USD 15 bn (EGP 236.84 bn) worth of investments over the past five years, thanks to the establishment of over 220 companies in the various vital fields of Egypt.
Prime Minister Mostafa Madbouly has confirmed that the state has lost about 400,000 acres of agricultural land due to urban sprawl, adding that unplanned settlements represent almost 50% of total urban areas and villages in Egypt.
Egypt-based Sabbour Consulting has agreed to oversee the construction of a mixed-use tower project in the New Administrative Capital (NAC), dubbed "I Business Park."
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