New Budget Of LE5 Bln Allocated To Cairo Capital Project: Minister

The New Urban Communities Authority (NUCA) has adopted its new budget for the current fiscal year (FY) 2015/2016, valued at EGP 33.2bn, according to Minister of Housing and NUCA Head Mostafa Madbouly.

Madbouly added that: EGP 5bn has been set aside for the new administrative Cairo Capital project; EGP 2bn for 1m acres reclamation project; and a similar amount of EGP 2bn for the new El Alamein City project.

The ministry will complete the implementation of the first phase of the “150,000 housing units” project, creating middle-class housing in cooperation with the armed forces, Madbouly added. This comes in addition to the completion of 50,000 units in Badr City, 6th of October City and Burg Al-Arab, with funding from an Emirati grant.

Madbouly emphasised that the lands allocated for investment will be supplied with water, sanitation, roads, irrigation, and electricity utilities, and allocated lands supplied for building residential units at different levels.

“For the social housing project, the ministry will complete building 57,640 units, and start building 58,444 units in some cities, and is expected to be fully completed during the current FY,” said Madbouly. “For middle-class housing, the ministry will complete 31,956 units (phase 1), and start building 17,568 housing units (Phase 2), besides completing 17,616 units (phase 3), and 18,096 units (Phase 4)”.

The new administrative Cairo Capital project was announced during March’s Economic Summit held in Sharm El-Sheikh, as the country’s latest sky-reaching project, with a total cost of $80bn, covering an area of 700 sqkm.

The project will be developed by Capital City Partners, a private real estate firm chaired by tycoon Mohamed Al-Abbar, who is behind Dubai’s Burj Khalifa. The infrastructure plan for the project is expected to be completed in August, according to Madbouly.

Source: Daily News Egypt