The New Urban Communities Authority (NUCA) has managed to develop 375 real estate projects in different cities with investments estimated at EGP 5tn, according to Waleed Abbas, the assistant housing minister of the NUCA.
During the preparatory conference of the Cityscape exhibition which took place on Monday, Abbas added that the ministry has issued 115 ministerial approvals on new real estate projects, distributed over 15 cities during the past year, including 23 projects in the New Administrative Capital.
He noted that the ministry also provided land with about 20,000 feddan for real estate investors, pointing out that the development of fourth generation cities has already begun with a total of 14 new cities. The ministry also aims to support investment and development opportunities in Upper Egypt’s governorates, in order to support the balance and justice in the country’s urban development movement.
Furthermore, Abbas elaborated, “The NUCA’s budget amounted to EGP 72bn. The ministry is currently working on preparing a number of new land offerings, including cities in Upper Egypt. It is planned to offer these lands in 50 new cities, including 20 cities for the fourth generation,” further adding, “The volume of investments in new cities amounted to EGP 12bn in 2015, including EGP 3.5bn for cities in Upper Egypt. While in 2016, about EGP 22bn were recorded, including EGP 2.4bn for Upper Egypt. Furthermore, during 2017, the NUCA’s investments amounted to EGP 37bn, encompassing EGP 5.2bn for Upper Egypt, while in 2018, investments amounted to EGP 32bn to include EGP 7.8bn for Upper Egypt’s cities.”
Over and above, he noted that the ministry is keen on developing projects through a partnership system, explaining that the ministry has contracted on 12 projects which are currently being developed through a partnership system.