Egypt is planning to attract investments up to 7 billion Egyptian pounds ($422.5 million) in New Mansoura City, 128km (79.5 miles) north of Cairo in the Nile Delta, within 2020.
New Mansoura’s total investments for the current year are estimated at around 6 billion pounds, an official in New Mansoura city development agency told Amwal Al Ghad on Monday.
“These investments are expected to reach 13 billion pounds until 2020,” the official said.
The state-run Arab Contractors and Concord for Engineering and Construction are executing a major bundle of infrastructure and housing projects as well as utilities networks in the city, at a cost close to 4 billion pounds, he added.
“The first phase of developing New Mansoura will include 20,000 housing units,” the official said, adding that there are between 20 companies and 30 companies responsible for implementing villas and residential buildings in the city.
In August 2017, Egyptian President Abdel Fattah al-Sisi issued a decree to establish a new city in Mansoura, 128km (79.5 miles) north of Cairo in the Nile Delta.
The decree approved the re-allocation of 5,104 feddans or 21.4 million square metres of the state-owned lands to the New Urban Communities Authority to be used in establishing a new urban community, the New Mansoura City.
New Mansoura is expected to have more than 150,000 housing units for around 680,000 citizens. The city is set to include touristic housing, villas, and medium-income and social housing as well as regional university and technological industrial development zones.