6 MoUs of mega housing projects to be finalized this month: Housing Minister
Housing Minister Moustafa Madbouly - YOUM7

CAIRO: The New Urban Community Authority (NUCA) is to finalize six Memoranda of Understanding (MoUs) of contracts of six gigantic housing projects, Housing Minister Moustafa Madbouly told Youm7 Friday.

The contracts were the subject of MoUs that were signed during the Egypt Economic Development Conference (EEDC) held in March.

Madbouly added that the NUCA sent the final drafts of the partnership contracts with the private sector to the concerned companies to be revised and signed by the end of May

The six MOUs are for South Marina project, the October Oasis project on a land area of 10,000 acres along with two housing projects in New Cairo on a land area of 500 acres each, according to Madbouly.

Among the said projects are also a tourism city project on a land area of 557 acres and a 470-acre housing project in the 6 October City, he added.

“The Authority’s revenues will range between 24 and 40 percent depends on the site of each project,” said Madbouly.

He added that the Ministry of Housing and the NUCA are committed to the deadline, set during the EEDC, to finalize the contracts.

Six agreements, with total investments valued at $77 billion, were signed in EEDC to implement a number of mega projects topped by Egypt’s new administrative capital city “Cairo Capital,” in addition to two other projects in the New Cairo and the 6 October Cities.

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