Egypt studying a major urban project in New Minya

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Egyptian Prime Minister Moustafa Madbouly is discussing with ARDIC for Real Estate Developments steps to implement a fully-fledged urban project in New Minya City, 250km (155.3 miles) far from Cairo.

Madbouly held on Thursday a meeting with Ashraf Dowidar, chief executive of ARDIC, to develop a new project in New Minya on a space of 310 feddans, with investments worth 10 billion Egyptian pounds ($559 million).

ARDIC had earlier signed an agreement with Egyptian New Urban Communities Authority (NUCA), an affiliate to Ministry of Housing, to get a land plot in New Minya, said Ashraf Dowidar on Thursday.

The new project comes as part of the country’s plan to develop governorates in Upper Egypt by establishing new urban communities there, Dowidar added.