Tuesday, 30 May 2023 05:26 GMT

Royal Gate directs EGP 150m to real estate projects in 2018

(MENAFN- Daily News Egypt) Royal Gate for Housing Development targets pumping EGP 150m worth of investments in 2018 to develop separate real estate projects in the cities of Shorouk, Madinaty, and New Cairo.

The company aims to acquire plots of land in the New Administrative Capital in 2018 to start implementing the first integrated residential compound as well as a number of administrative and medical projects in the cities of Shorouk and Badr, according to Managing Director Mohamed Omar.

Omar pointed out that the decision of the Central Bank of Egypt to lower the value of bank interest rates on deposit and lending by 1% will play an important role in stimulating the movement of buying and selling in the real estate sector.

Omar stated the partnership between the public sector and the private sector is one of the best mechanisms implemented in the real estate market over the past period, which contributed to an increase in funding for large investment projects, as well as higher growth, and development rates.

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