(MENAFN- Daily News Egypt) Ebny Real Estate Development has announced that the New Urban Communities Authority (NUCA) has approved the allocation of a 20 feddan plot of land in New Sohag City to the company.
The land allocation will ensure that the company can now proceed with the development of an integrated urban project in the new Upper Egypt development.
Abdallah Kamel, CEO of Ebny Real Estate, said the step is the first phase in the EGP 4bn of investments that the company intends to direct into Upper Egypt's real estate market.
Kamel added that Upper Egypt is experiencing a tangible and real renaissance in light of President Abdel Fattah Al-Sisi's interest and patronage of the area, and his decision to establish a new authority for its development. The authority will work to improve public services, provide job opportunities and ensure the region's citizens can access a decent life.
He said that the company has taken on Fathallah Fawzi, Vice President of the Egyptian Businessmen's Association (EBA), to assume the duties of the company's real estate development advisor.
Kamel explained that the company's New Sohag City project will see the development of an integrated residential compound divided into villas, residential buildings, and serviced apartments, as well as a commercial and entertainment mall.
New Sohag City represents a solution to the Sohag Governorate's problem of overpopulation, as well as the providing a modernised approach to city planning similar to new cities such as the New Administrative Capital (NAC).
The governorate's main administrative buildings and most of its service departments will be moved to New Sohag City. This is due to the new development's strategic location along an 8.3km integrated road network that connects it to the main city of Sohag.
The development, which will also boast a strong infrastructure, will also have noteworthy proximity with the 7.5 km long Sohag International Airport Road.
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