CAIRO: The Ministry of Housing represented by the new Urban Community Authority will provide 1,496 land plots for development in different regions, according to a Sunday press release.
According to several media outlets, Minister of Housing Mostafa Madbouly said the land will be located in 15 cities in different governorates.
Last April, the Ministry of Housing said it would offer lands for industrial investment through a usufruct system, Madbouly said in a speech at Egypt’s Real Estate Summit (ERES) conference.
The deputy head of the new Urban Community Authority, Magdy Farahat, said in Sunday statements that the ministry will provide 135 land plots in 6 October City, 111 industrial plots at New Borg al-Arab City near Alexandria and 383 plots in 10 Ramadan City, in addition to 83 plots on the Gulf of Suez.
The ministry will also provide 15 plots in Abour, 17 in Al-Shorouq City and 27 in Fayoum in addition to plots in New Tiba City, 15 May City, New Minya, New Asyut, New Salahya, New Sohag and New Cairo.
“Egypt needs 500,000 housing units annually, while the social housing projects only cover a small part of low-income needs,” Madbouly said last April while calling for initiatives for low-income housing.
The real estate sector is a main contributor to Egypt’s economic growth, affecting more than 90 industries, and accounting for at least 8 percent of the country’s labor force. The sector represented 4.6 percent, roughly 80 billion EGP (U.S. $11.5 billion) of Egypt’s GDP during Fiscal Year 2012-2013, and recorded a 5.9 percent growth rate, according to data from the Ministry of Housing.
About 35 billion EGP was invested in the real estate sector last year, according to the ministry’s data.
The Qatari Diar real estate company is negotiating with Egyptian officials to build 1 million new low and middle income housing units, an economic source told Business and Finance News at the beginning of June.