Housing Ministry Offers 300 Land Plots Monthly, Expands Private Sector Partnerships To 86 Projects

(MENAFN- Daily News Egypt) Walid Abbas, Deputy Head of the New Urban Communities Authority (NUCA) for Planning and Projects and Supervisor of the Minister of Housing's Office, confirmed that Egypt's vision over the past few years is based on integrated cooperation between the authority and the private sector to implement large-scale projects, foremost among them being the social housing project, which represents one of the most important national projects in recent years.

He stated that 300 land plots are being offered monthly to Egyptian investors.

Abbas revealed that the number of partnership projects between the government and the private sector has reached 86 in new cities, which is beneficial for both parties and generates sustainable returns for the NUCA.

Abbas said:“We issued 218 ministerial approval for 10,633 feddans in New Administrative Capital and fourth-generation cities. The Authority issued 218 ministerial approvals for a total land area of 10,633 feddans during 2024.”

He noted that the state bears a significant portion of the costs related to these projects and that there are serious plans to expand the authority's partnerships with the private sector to implement youth housing projects, which are nearing completion.

This was stated during his speech in the first session of the fifth edition of the“Decision Makers” Conference, held under the title“Decision Makers in the Real Estate Sector,” sponsored by the Ministries of Housing, Utilities, and Urban Communities, and Investment and Foreign Trade, along with the General Authority for Investment and Free Zones. The session was attended by a selection of prominent figures, investors, and experts.

Abbas explained that the New Urban Communities Authority provides large areas of land for real estate developers to implement projects for middle and upper-middle housing, which contributes to providing residential units for citizens with advanced services and amenities. He pointed out that 25% of these projects are allocated for buildings, while the remaining areas are designated for green spaces and services, with specialized companies monitoring services periodically to maintain the quality and standards of the project.

The“Decision Makers” Conference serves as a pivotal platform that brings together government officials, experts, and investors to discuss economic challenges and formulate actionable recommendations. The first edition of the conference began in March 2023 and focused on the financial sector, followed by the second edition on the industrial and technological sectors in July 2023, the third edition on the real estate sector in November 2023, and the fourth edition on investment and the financial sector in April of this year.

MENAFN31102024000153011029ID1108839239