The Ministry of Housing, represented by the New Urban Communities Agency (NUCA), is investing EGP 1.5bn on an area of 10,000 acres in New El Alamein, according to deputy head of NUCA Kamal Fahmy.
Fahmy said the Arab Contractors Company and the Egyptian Contracting Co. (Mokhtar Ibrahim) will provide the facilities in the lands of the New El Alamein project. The first phase of the installations will be completed in two years. They will be responsible for water utilities, sanitation, irrigation, and electricity.
Further, EGP 3bn will be allocated for introducing facilities in the lands in 6th of October City, 50% of which will be allocated to develop Hadayek October. The NUCA established a new office in Hadayek October to develop the area and manage the new lands’ requirements for infrastructure and new roads.
Regarding the lack of hard foreign currency, Fahmy said the Ministry of Housing offered lands for sale in dollars in the Beit Al-Watan project, and a large portion of the three stages of the project were purchased.
“The hard foreign currency will be provided while delivering lands on 1 July, and the first premium is about 20% of the contract value,” Fahmy said. “The second phase will be delivered six months after the first one, and the third phase six months after that.”
He said the ministry offered new housing units for expatriates in Rehab, Shorouq, and Madinaty to provide hard currency, noting that investments in Shorouq amounted EGP 800m.