Thursday 13 August 2020

Egypt plans to build 765,000 homes over next three years

CAIRO, July 13, 2020

Egyptian government is set to build a total of 765,000 housing units over the next three years across the country at a total investment of of E£165 billion ($10.3 billion) under the One Million Housing Initiative, reported Amwal Al Ghad. 
Of this, nearly 100,000 homes will be completed during 2020/2021 fiscal year, while around 210,000 units will be completed during the fiscal year 2022/2023, stated the report, citing the Minister of Finance Mohamed Maait.
The Sisi government is planning to build a total of 310,000 social housing units during the period including 60,000 middle-income housing units, noted Maat.
Meanwhile, top Egyptian construction firm Al Abd said it expects to complete the final handover of 1,440 housing units at the sixth residential district in the country’s new capital by next December.
These residential units are being built at a cost of E£750 million ($47 million), said the company's managing director Said Fattouh.
“We are current developing 36 fully-fledged buildings in the new capital’s sixth residential district,” Fattouh said, adding that these buildings are to be handed over next December.


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