CAIRO: The Ministry of Housing plans to put in an additional 5 billion EGP during the next fiscal year to double the New Urban Communities Authorities (NUCA) plans and its following territories for investments and to building housing units, Minister of Housing Mustafa Madbouly said Wednesday.
With the additional 5 billion EGP, the ministry’s total investments directed for NUCA will increase to 12 billion EGP compared to the current 7 billion EGP, he said. The targeted new utilized territories will be offered for investors through participation, usufruct, and rent, according to NUCA’s webpage.
“Putting in the additional plan will help NUCA develop between 15,000-17,000 feddans annually,” he said. The pre-mentioned space will double the authority’s develops rates annually.
The Ministry of Housing aims to increase NUCA’s revenues by additional 4-5 billion EGP, along with providing 150,000-200,000 direct and indirect job opportunities. It might also increase the utilized land needed to build new housing units.
Madbouly unveiled that NUCA is working on providing between 8,000-10,000 housing units during the current year within the 1 million housing unit project. He said the ministry attributed monitoring the execution along with providing the land of the 1 million housing unit project to the NUCA alongside the Housing and Building National Research Center, MENA reported on June 23.
The Ministry of Housing, “represented through NUCA,” announced receiving 7,401 housing units at Alexandria, Beheira, and Luxor governorates executed from UAE-based Company ArabTec Construction and the Military Engineering Authority (MEA).
ArabTec previously announced that it would construct the units in the beginning of 2014 with a total investment of $40 billion in cooperation with MEA. The project is expected to be complete in 2020.
President Abdel Fatah al-Sisi announced on March 10 a one million housing units project for low and medium income citizenswith the aim to solve housing problems among Egyptian youths.