New Urban Communities Authority
Madbouli said that the sector approved the designs and planning of 115 investment, urban and service projects that will be established on 73,000 feddans in 15 new cities including 23 projects in the New Administrative Capital.
The decision to grant a temporary residence to foreigners in return for buying a property will be put into effect starting next week
The New Urban Communities Authority received 50 public transport buses to be dedicated for social housing services at the new cities, the prime minister declared.
The waterfront will be in line with the New Urban Agenda, Egypt’s 2030 Agenda and the international sustainable development goals.
The supervision of the disputed El-Warraq Island was moved to the New Urban Communities Authority (NUCA) per a presidential decree.
Orascom Development Egypt will own about 70 percent of the new company’s shares and Sameh Sawiris will contribute the remaining 30 percent of the capital.
Housing Ministry to launch more land plots in 23 new cities
The bids usually include feasibility, financial and economic studies and brief on how the investor would access funds.
The project’s first phase is worth a total of $8 billion and spans over 12,500 feddans.
The government’s share in the project will be 26 percent, where it will acquire LE 25 billion from the project sales and 420,000 square meters of buildings.
Five days after issuing the terms of reference on August 15, more than 23,000 terms of reference were sold.
Real estate developer Palm Hills Development (PHD) and the New Urban Communities Authority (NUCA).
The first phase of a project to establish the New Mansoura city will start by the end of 2017, said sources at the New Urban Communities Authority.