Egypt’s Ministry of Housing plans to complete the third phase of Beit Al Watan New Cairo, a project that allows Egyptian expatriates to own lands in their homeland, before the end of 2017, Minister Moustafa Madbouly said Wednesday.
Number of developers finished building roads in eight districts, Madbouly further stated, adding that they have delivered various land plots in Sixth of October City.
Beit Al-Watan comes as part of the country’s scheme to bridge a gaping budget deficit and to attract much-needed foreign currency, as this project is targeting Egyptian expats who are paying the value of acquired land plots in foreign currency.
In May, New Urban Communities Authority (NUCA) has earlier sold 7,780 land plots within four phases of Beit Al-Watan, with total payments reaching $2.8 billion. Source: Egypt today