Egypt’s Ministry of Housing is currently negotiating with local and Gulf real estate developers, notably Emaar Properties PJSC to launch joint projects, minister Mostafa Madbouly said on Tuesday.
The planned projects will be as pursuant to the public-private partnership system (PPP), Madbouly noted.
EMAAR Properties is one of the world’s most valuable and admired real estate development companies. It is a Public Joint Stock Company listed on the Dubai Financial Market that extending its expertise in developing master-planned communities internationally. Today, EMAAR has a significant presence in several key global markets.
Madbouli added that Egyptian ministry’s share in each project would depend on the location and type of each project. The projects offers are varied between housing, commercial and administrative.
Furthermore, he pointed out that housing ministry coordinates nowadays with ministries of investment and international cooperation to provide documents on those projects. The documents are supposed to be signed before Economic summit that will be held from 13 to 15 March.
Moreover, the Egyptian official said the offered projects locate in various new cities, such as the 6th of October, New Cairo and Sheikh Zayed, totalling EGP 150 billion (around US$ 21 million) worth of investment cost, to be carried out between within 5-7 years.