The New Urban Communities Authority (NUCA) signed a cooperation protocol with the Cotton and Textile Industries Holding Company to develop or purchase some of the latter’s untapped lands.
Hisham Tawfik, Minister of the Public Enterprises Sector, and Assem El-Gazzar, Minister of Housing, Utilities and Urban Communities, witnessed the signing ceremony.
The signing of the protocol comes in light of the government’s efforts to maximise state-owned assets.
Tawfik stated that his ministry, in cooperation with the concerned authorities, has changed the purpose of the holding company’s lands into residential/mixed-use. The holding company will also direct the returns of these lands to financing the development and restructure project of its affiliated companies, whose investment cost exceeds EGP 21bn.
For his part, the Minister of Housing emphasised that the fruitful cooperation between the NUCA and the companies affiliated with the Ministry of Public Enterprises Sector aims to make the best use of the state-owned assets.