The Egyptian Endowments Authority aims to increase its revenues to EGP 1.5bn in the next fiscal year (FY) 2017/2018, compared to an expected EGP 1bn in the current FY 2016/2017.
The authority works in accordance with the plan set before the start of the current FY, which aims to achieve EGP 1bn in revenues compared to only EGP 650m in the last FY, said Ahmed Abdel Hafez, chairperson of the authority.
He pointed out that the authority has achieved about 97% of the targeted revenues through the sale of some separated and unused lands on auction, as well as the sale of a group of residential projects established by the authority.
Abdel Hafez added that the authority aims to achieve minimum revenues of EGP 1.5bn in the next FY, benefiting from the wide campaign carried out by the authority to remove violations on the lands owned by the authority.
He revealed that the authority seeks to enter new partnerships with local, Arab, and foreign investors to establish service, commercial, and recreational projects, such as malls. He noted that the authority does not have sufficient expertise to establish such projects individually; therefore, they seek experienced partners to ensure the success of planned projects.
Abdel Hafez added that each province has the right to value its restored lands and the type of projects that can be established on them. He further added that the authority has not set a deadline for valuing its lands so far, though it will provide a monthly report on the restored lands in each province.
Minister of Religious Endowments Mohamed Mokhtar Gomaa said earlier that the authority’s agricultural land will not be sold except under “conditions of extreme necessity” or for public interest, asserting that the agricultural land will be leased to serious investors only.