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The Egyptian government announced the signing of a package of partnership agreements between the New Urban Communities Authority, the Social Housing Fund and Real Estate Finance Support, and a group of real estate developers in the private sector, with the aim of providing housing units for low-income people within the presidential initiative “Housing All Egyptians”.
According to a statement issued by the Egyptian Council of Ministers on Tuesday, the list of private sector companies included Ashraf Faraj Real Estate Investment Company, the Arab Developers Group, the owner of Neom Pyramids Real Estate Development Company, TMAS Saudi Construction Company Limited, and NCM Contracting Company.
The list also included Misr Construction Company Enco Egypt and Nawasi Real Estate, Opal Contracting Company, Hejaz General Contracting Company, Al-Agoza General Contracting Company, Egyptian Company for Urban Development and Tourism Investment, Al-Salam Contracting Company, Al-Fida Investment and Development Company, Mohamed Najah Abed Rabbo Contracting Company, and Al-Badri Investment Company.
The Egyptian Minister of Housing, Randa El-Menchawy, said that the partnership initiative between the state, represented by the Social Housing Fund and Real Estate Finance Support, the New Urban Communities Authority, and real estate developers in the private sector, was launched with the aim of providing housing units for low-income people within the “All Egyptians’ Housing” initiative.
Providing adequate housing for citizens
She added that the agreements signed today come within the framework of the state's orientation towards involving the private sector in various development fields, benefiting from various experiences, as well as enhancing the sustainability of providing adequate housing for citizens, and supporting and developing the mechanisms of the private sector to provide various types of housing in the real estate market.
Al-Minshawi continued: "The partnership model is based on a clear and integrated distribution of roles among the participating parties, to ensure the achievement of the social objectives of the program, while benefiting from the efficiency of the private sector in implementation."
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