Egypt’s Ministry of Housing will launch a number of land plots in New El Alamein, northwest of Cairo, and New Mansoura cities within the first quarter of 2018, assistant to the Minister of Housing Khaled Abbas said on Monday.
The launch will take place after all infrastructure and facilities works in the two cities conclude, Abbas said during a session on the real estate industry at the CEO Thoughts Conference.
State-affiliated the New Urban Communities Authority (NUCA) is considered the largest real estate developer in the world as it now works on 300,000 feddans, Abbas said.
New Mansoura City launched in August after President Abdel Fatah al-Sisi issued a decree to establish it.
Under that decree, a space of 5,104 feddans has been transferred from state ownership to NUCA’s. The decree stipulates that 15 percent of the project’s sales shall be to the benefit of the Dakahlia governorate.
The city will comprise of tourist villages, as well as economic, average, and above-average housing, abiding by the old city’s features in terms of the buildings’ height, color, designs, roads and infrastructure.
New El Alamein City is an ambitious milestone in the ministry of housing’s development portfolio as it re-defines the country’s coastal areas and connects Borg El Arab with Matrouh and other coastal cities, alongside accommodating several economic and touristic beneficiaries.
Spanning over 50,000 feddans, New El Alamein City holds investments worth $4 billion to $5 billion in the first phase that will accommodate 400,000 citizens. Source: Egypt today