Egypt’s President Abdel Fattah al-sisi inaugurates on Monday the first and second phases of Al Asmarat housing project dedicated for risky slums dwellers.
The president opens the project which is located in the neighborhood of El Mokattam in the presence of the Prime Minister, the Minister of Defence and the head of the Armed Forces Engineering Authority.
The project is being implemented in order to place the residents of dangerous slums, notably Manshiyat Naser, east Cairo, El-Deweika in Manshiet Nasser, Dar el Salam, Stabl Antar, among other neighborhood.
El Asmarat housing project is constructed on 123 feddans through three phases to encompass 16.000 housing units; each unit is on a space of 65 square metre so as to upgrade slums in Egypt with total investments worth 5 billion Egyptian pounds (US$196.6 million).
The first phase I is spread over 65 feddans including 6258 housing financed by Cairo governorate budget and Informal Settlements Development Fund (ISDF).
While the second phase is implemented on 61 feddans encompassed 4722 housing units with total contractual sales of 700 million pounds, it is funded by Tahya Misr (Long Live Egypt) Fund.
In addition, works on the project phase III have started over 62 feddans with total cost of 950 million pounds to include 7440 housing units.
Moreover, the project includes providing-services buildings such as schools compound, nursery, mosque, mall, medical centers, sports facility, stadiums, police stations, and markets.