The UAE has signed a cooperation pact with Egypt’s Ministry of Housing to finance the construction of 50,000 residential properties in 17 governorates at a value of EGP11 billion ($1.43 billion), a report said.

According to the agreement, the constructed properties will belong to the Social Housing Fund, added the Daily News Egypt report, noting that the revenues from these properties will be used to finance new residential units in the social housing project.

The project is expected to be finalised by July, according to the head of the Executive Body for Social Housing, the report said.

The Egyptian Armed Forces Engineering Corps has been supervising the implantation process which started in October, 2013.

Minister of Housing Mostafa Madbouly said the new units will be offered to “targeted citizens”. The constructed units will be five-storey buildings with apartment areas at 90 sq m, the minister said, noting that each apartment has three bedrooms and a bathroom.

The project has provided 220,000 temporary job opportunities during the construction phase, and will provide 10,000 permanent jobs after its completion, according to the report.