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Egypt partners with private property developers in EGP 965bn projects

Egypt partners with private property developers in EGP 965bn projects
iCity Project is developed by Mountain View and NUCA

Cairo - Mubasher: The Egyptian government has partnered with private-sector real estate developers in 18 projects over a total area of about 19,250 feddans and with investments of EGP 965 billion in the last six years, Minister of Housing Assem El-Gazzar revealed. 

The first phase, which spanned from 2015 to 2017, included nine projects over 13,240 feddans with investments of EGP 315 billion, El-Gazzar said in a statement late on Tuesday. 

The second phase covered seven projects over 4,997 feddans with investments of EGP 150 billion from 2017 to 2019, while the third phase started this year with over 5,000 feddans and EGP 500 billion investments.

The minister has witnessed the completion of the first phase of iCity Project, developed by Mountain View in partnership with the state-run New Urban Communities Authority (NUCA) with investments of EGP 65 billion.