ICEC

Egypt investing 10bn pounds in utilities, housing flagships in new capital

Egypt’s Housing Ministry is investing around 10 billion Egyptian pounds ($565.4 million) into a number of utilities works and residential units at the county’s new administrative capital.

“We are planning to pump investments worth $3 billion in towers area at the ministerial district in the new capital project,” Minister of Housing Moustafa Madbouly said on Saturday.

Madbouly has made his remarks during inspecting the first model of finishing works at villas area in the new capital’s first residential district, which is being currently implemented by the Ministry of Housing.

A bunch of government officials and representatives of the New Urban Communities Authority (NUCA) have accompanied the minister in his tour.

“The first residential district will include about 25,000 residential units on spaces ranging between 100 and 180 square metres as well as around 1,000 villas on spaces varying between 230 and 328 square metres,” Madbouly stated.

The ministry has started works on the villas area, including utilities and road networks since three months and a half, the Egyptian minister elaborated.

“Towers area will be executed soon in cooperation with a Chinese firm,” he said.

“The ministry is also executing six universities in the new capital,” Madbouly said, clarifying that his ministry is set to hand over the land plots of nine schools at the residential district.

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