Implemented investments in cities affiliated to the New Urban Communities Authorities (NUCA) have reached EGP 4.7bn during Q1 of FY 2015/2016, the NUCA announced Sunday.
NUCA’s investments have significantly increased compared year-on-year, when they recorded EGP 1.7bn.
“The authority spent EGP 4.7bn on housing and service projects in the new cities,” said NUCA’s Vice President for City Development Affairs, Kamal Fahmy.
He added that the authority only spent EGP 1.7bn over Q1 of FY 2014/2015, therefore an increase in investment and project development rates was decided.
NUCA’s budget in FY 2015/2016 reached EGP 33.2bn, EGP 5bn of which have been allocated to the New Administrative Capital project.
The budget also includes EGP 2bn for the reclamation of the 1M acres project, and EGP 2bn for Al-Alamein City project.
In addition, the budget will cover the facilities implementation of the Egypt Economic Development Conference (EEDC)’s projects, which were signed with investors in Sharm El-Sheikh last March.
In late September, the NUCA assigned companies with 550 projects, worth EGP 9bn, in new cities from January to end of August.
The most important project assigned in the previous eight months was for social housing units for low-income citizens, said Fahmy.
The projects include an assignment of 24 buildings in Obour City and 22 buildings covering 440 housing units, Fahmy added. The later project comes as part of the approval given to 7,140 units offered in the 10th of Ramadan City’s third phase of the social housing project.
Meanwhile, the Shorouk City Authority is currently implementing 540 unites as part of the “1M Housing Unit” project, said Head of the Shorouk City Authority, Atef Zakaria.
He said the authority is preparing to offer tenders in order to implement 2,620 new units, adding that the city’s part in the “Dar Misr” project for middle class housing reaches 2,639 units, distributed on 117 residential buildings.
As for Obour City, Head of the Obour City Authority Amin Ghoneim said that 2,111 units, distributed between 89 residential buildings are currently being implemented as a part of the “Dar Misr” project.
Obour City Authority is also implementing 1,576 units, including the social housing project for low-incomes, said Ghoneim, adding that a further 1,000 unites were offered on contracting companies to start implementation.
He also added that the authority has finished the implementation of seven new schools in the city.