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Obour City Authority invests EGP 1.2bn in development during FY 2019/20 - Daily News Egypt

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Obour City Authority invests EGP 1.2bn in development during FY 2019/20

Upcoming fiscal year will see EGP 700m invested in residential projects, in addition to developing safer living conditions

A total of EGP 1.2bn was invested in development plans during the fiscal year (FY) 2019/2020, according to Ahmed Omran, Head of the Obour City Development Authority.

The investments were disbursed across state-owned residential projects, including Dar Misr and Janna, and city infrastructure. Investments were also pumped into building residential projects to ensure safer living conditions for citizens.

Omran added that the new investment plan for FY 2020/21 will see a total of EGP 700m spent in completing these residential projects. He noted that the city authority is currently building 134 buildings in Obour City for residents of unsafe areas.

He emphasised that Dar Misr 1 and Dar Misr 2 have been handed over, with other state-owned residential projects to be delivered next year.

Omran added that three plots of land have been connected up with infrastructure and services, in addition to another plot of land which is currently under development.

He noted that the city authority has received approximately 120 requests for land allocation through market-oriented mechanisms.

Most of these requests have been made to develop and launch commercial projects, whilst others have been made for residential, mixed-use, medical, and entertainment activities.

“Precautionary measures will be implemented on the largest scale in the coming period, especially after the opening lifting of the curfew,” Omran said. “Consequently, strict follow up will be conducted to protect workers in various project sites to preserves workers and employees to ensure achieving the investment plan and goals for the current fiscal year, while sterilising and sanitising places that witness dealing with the public.”


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