Minister of Housing, Utilities, and Urban Communities Mostafa Madbouly inaugurated on Wednesday the Cityscape Egypt Real Estate Exhibition, held at the Egypt International Exhibition Centre in New Cairo, in the presence of major real estate developers.
Madbouly stressed the importance of the real estate investment sector in pushing the country’s economic growth. He said that Egypt has a large market with a huge population of 100 million people, so the state is working on stimulating domestic and foreign investments in the sector.
He pointed out that the Cityscape Exhibition is expanding each year due to the growing number of real estate projects, adding that such exhibitions allow a good opportunity for each company to promote its products.
Regarding the partnership projects between the public and private sector, Madbouly praised the success of the initiative, pointing out that a number of the projects presented at the exhibition came as a result of the first phase of partnership contracts between the ministry and the private sector. He added that the ministry is currently evaluating bids for the second phase of partnership contracts, revealing that the ministry will launch the third phase after announcing the second phase’s results.
Madbouly revealed the New Urban Communities Authority (NUCA)’s plan to offer plots of land for residential and service projects in fiscal year 2018/2019. He said that the new plan will include offering a historical number of land plots and residential units.
The minister announced that more than 75,000 plots of land will be offered for residential and service projects in new cities.
Madbouly added that about 100,000 housing units are to be launched in new cities gradually, most of which are part of the Dar Misr and Sakan Misr housing projects. Other units will be offered in the cities of New Mansoura and New Alamein, as well as the New Administrative Capital.