Egypt to invite real estate developers for $25 bn PPP bid

The New Urban Communities Authority is set to invite number of real estate developers to compete in a new phase of public-private partnership (PPP) projects with estimated investments of 230 billion Egyptian pounds ($25 billion).

The offered partnership projects seek to develop eight plots of land with a total area of 2,855 feddans in four new cities.

The real estate firms that have been shortlisted for the bid are SODIC, Palm Hills for Development, Mountain View, Emaar Misr, Al Ahly for Real Estate Development, Wadi Degla Developments, Zizinia- ARDIC, Qatari Diar, City Stars for Real Estate Development, Futtaim Group, Porto Holding, and North Africa for Real Estate Development.

Other firms that wish to apply must have experience developing land areas between 100-500 acres, and preference is given to companies that can provide funding in US dollars.

The terms of reference brochures will be completed by the end of August and will be sent to investors. In addition, Plots of land are in Sixth of October City, Sheikh Zayed, New Aswan, and New Damietta.

The bidding is resolved through the highest share of partnership with NUCA, with the lowest development period.

NUCA has a successful track record of partnerships with the private sector, whereby it signed four contracts worth 131 billion Egyptian pounds for 2,000 feddans last year.