The New Urban Communities Authority (NUCA) issued a ministerial decision that approves breaking ground on 20 new investment projects on an area of 1,500 acres within 40 days.
The Assistant Minister of Housing for New Urban Communities Authority, Walid Abbas, revealed the list of companies included in the project. They consist of the Arab Company for Projects and Urban Development, affiliated to Talaat Moustafa Group—the owner of Al Rehab project, Hyde Park Real Estate Development Company, and SP Investments Company to establish the University of Memphis. In addition, there are Mountain View for Development and Real Estate Investment and ICS Real Estate Investment, to establish a residential project and amend the architectural design of the first and second phases of Mall of Arabia—owned by the Egyptian Centers for Real Estate Development, Lake View Residence for Urban Development, and Zayed City Edge Project.
Abbas added that the projects also included the club of the Engineers Syndicate; the Engineers Syndicate; the Tarabot for Development, Takaful, and Social Services Association project; Cairo University’s new campus; the Cooperative Association for Housing and Construction in Al-Qubba; the Desert Research Center; the Union Pharmaceutical and Medical Services Company (UPMS); Ruslan for Recreational Projects Company, cooperative associations for construction and housing to establish a residential project; and the architectural design of the faculties of medicine and pharmacy for Girls in Al-Azhar University.
Vice President of NUCA Raja Fouad said the new projects attract investments and provide thousands of direct and indirect employment opportunities, as well as promote the investment climate in Egypt. She added that the ministry’s decision to implement 20 projects shows the authority’s keenness to bypass obstacles facing establishments that work on such projects.
Fouad explained that the establishment of investment projects is one of the biggest factors in the prosperity and development of new cities. Therefore, the authority is working to offer pieces of land for investors to set up housing and service activities to meet the needs of various segments.