Egypt’s four major construction firms are close to win a mandate to execute new residential towers in Maspero Triangle Development project next year, a source in one of these companies said on Wednesday.
The four contractors; Arab Contractors, Hassan Allam, Orascom Construction, and Redcon will be tasked with developing the works by Egyptian government’s New Urban Communities Authority (NUCA).
“The first phase of Maspero triangle will witness the implementation of 25-storey residential towers between 13-18 months as well as a number of services and entertainment projects,” he said.
Maspero Triangle is one of the biggest slums in Egypt. It was given its name because of its triangle shape on the map.
The project is part of Boulaq district in central Cairo and is home to 18,000 residents, according to 2014 estimates by Madd platform, an independent urban development institution.
Egypt’s Housing Ministry estimates that 40 percent of Cairo population lives in informal settlements, while Informal Settlements Development Fund estimates that 75 percent of urban areas throughout Egypt is unplanned and 1 percent is unsafe.
President Abdel Fatah al-Sisi sought to tackle housing problems in the country, and a plan was set to develop various unsafe areas in Cairo, which has the majority of slums, and to re-house residents of Egypt’s most dangerous slums.
In May 2016, Sisi promised to move all those living in slums to new flats over three years, as part of an ambitious project expected to cost around 14 billion Egyptian pounds ($790 million).