The New Urban Communities Authority (NUCA) Affairs Sector Vice President Mazen Hassan said the Authority has started reclaiming 10,000 acres in Farafra, located in the New Valley.
The move comes as part of the 1m acres designated by the government for urban development during this year.
Hassan told Daily News Egypt that the NUCA’s general budget for the next fiscal year (FY) 2015/2016 will reach EGP 28bn, or EGP 14bn more than the previous FY 2014/2015.
According to Hassan, this is the highest budget over the past five years thanks to the president’s instructions to implement megaprojects in the upcoming fiscal year.
The Ministry of Housing, Utilities and Urban Development is among the most prominent ministries which proposed various projects amounting to over EGP 50bn at March’s Economic Summit held in Sharm El-Sheikh. One of the most prominent of these projects is the proposed new administrative capital of Egypt.
An official at the ministry said that the middle-income housing projects will use up more than 60% of the budget over the next FY.
The official added that the Ministry of Housing will continue presenting lands for middle-income housing over the next FY, in order to resolve the housing crisis.
Mazen concluded that the new real estate regulation will be issued within a few days. This will improve the real estate market, and push it towards greater rates of growth, considering that it is one of the most important elements of national economy.