Ministry of Housing poses construction of hypermarket to commercial chains to put up for rent and usufruct

Mohamed Darwish
2 Min Read
Egypt’s foreign reserves, stood at $16.415bn in October, was said to barely covers basic commodity imports for Egypt for about three months AFP Photo

The Ministry of Housing has offered the construction of a number of hypermarkets to commercial chains in Upper Egypt’s cities and towns, as well as in Sadat and Borg El-Arab cities, to put them up for rent and usufruct.

Minister of Housing Mostafa Madbouly said the offer includes the implementation of a number of hypermarkets by the New Urban Communities Authority in the new towns in Upper Egypt, and other cities using the rent or usufruct system.

He explained that the ministry aims to provide various commodities to citizens at affordable prices, accelerate the development of new cities, and provide sources of attraction not only for its people but for all people living in the provinces in general.

If the commercial chain owners agree on the project, the authority would assign contracting companies to finish 10 to 15 hypermarkets in the specified cities in a year, or a year and a half at maximum.

Sources at the Ministry of Housing said the lands are distributed on New Cairo cities, Sheikh Zayed, 6th of October, New Damietta, Al-Shrook, Al-Oboor, Badr Al-Sadat, 10th of Ramadan, Borg Al Arab, New Fayoum, New Beni Sueif, New Minya and New Assiut, New Qena, New Sohag, and New Teiba.

The authority has allocated five plots to Al Bustan and Fath Allah companies divided into four branches for Hyper One, owned by Al Bustan, on an area of 21.8 acres in New Cairo, and 41.9 acres in Al Shorouk city, 10 acres in Badr city, 8.5 acres in New Asyut, and a building on an area of 10,000 sqm in Borg El Arab owned by Fath Allah.


Share This Article
Leave a comment