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."
Kafr El Sheikh Governor Gamal Nour El Din has presented work progress on phase III of the city's social housing project, indicating the completion of 28 residential buildings, whereas nine others are nearing allocation.
Egypt's Cabinet has approved a draft presidential decree to reallocate two state-owned plots for the Ministry of Supply and Internal Trade to establish logistics zones in Luxor and Sharqia provinces.
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