CAIRO: President Abdel Fatah al-Sisi met the Minister of Housing Mostafa Madbouly and Minister of Investment Ashraf Salman Tuesday to follow the latest progress, according to a presidential press release published May 13.
Madbouly presented the current development in Farafra Oasis housing project, which Sisi scheduled to be accomplished by October 2015, according to presidential spokesperson Alaa Youssef.
The project aspires to serve as a model for developing communities, including facilities and reclaimed lands, and will be followed in 1.8 million acres reclamation project.
The 1.8 million acres project is in its first phase; Sisi proposed it in July 2014.
Current works on public utilities’ network of the industrial zone of New Cairo were presented, which are scheduled to be accomplished by June 30, 2015.
Contracts for the memoranda of understanding (MoUs) signed during the Egypt Economic Development Conference (EEDC) in March are being finalized, according to Madbouly.
The minister added that 70,000 housing units in social housing projects have been completed, while 170,000 are to be added by December 2015, including 50,000 housing units funded by the UAE per a cooperation protocol signed May 11.
Egypt signed a housing protocol with the UAE on May 11 to delivering the 50,000 units, with a term of 5 years with a cost of 280 billion EGP ($39.2 billion).
The Minister of Investment submitted a report about the public sector companies’ performance indicators of the period from July 2014 to March 2015, said Youssef.
Salman showed that public sector company profits reached 1.69 billion EGP ($221.6 million) in the aforementioned period, achieving an increase of 1.2 billion EGP ($157.33 million) compared to the same period of the last financial year 2013/2014, in which profits reached 490 million EGP ($64.24 million) with an increase of 231 percent.
He added that the affiliated companies to tourism, insurance, transportation and construction sectors achieved the highest profits.