Cairo – Mubasher: Egypt’s New Urban Communities Authority (NUCA) has spent EGP 33 billion on different projects during the last six months including developments in new cities and slums, along with road projects.

Egyptian housing ministry is planning to inject around EGP 44 billion in the next six months, housing minister, Assem El Gazzar, stated on Thursday.

El Gazzar noted that his ministry is not a real estate developer, adding that it is just locating new areas for urban development to provide it with infrastructure and basic services, enabling investors and developers to complete the development of these areas.

The minister backed his statement by mentioning that the housing ministry launched two universities in New Alamein with EGP 15 billion worth of investments, commenting that this is not a something a developer would do.