By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Egypt to issue new bonds for climate, social goals
    Egypt to issue new bonds for climate, social goals
    September 27, 2023
    Saudi Public Investment Fund eyes stake in Palm Hills Development
    Saudi Public Investment Fund eyes stake in Palm Hills Development
    September 27, 2023
    UNDP, MBRF launch online learning initiative for Arab countries
    UNDP, MBRF launch online learning initiative for Arab countries
    September 27, 2023
    Egypt Post invests in Roaderz platform to enhance e-commerce, delivery services
    Egypt Post invests in Roaderz platform to enhance e-commerce, delivery services
    September 27, 2023
    GAFI to grant 45 more golden licences to boost investment
    GAFI to grant 45 more golden licences to boost investment
    September 27, 2023
  • Politics
    PoliticsShow More
    Egypt’s Irrigation Minister highlights climate challenges for water sector
    Egypt’s Irrigation Minister highlights climate challenges for water sector
    September 27, 2023
    CCCPA, Senghor University join forces for African peace, development
    CCCPA, Senghor University join forces for African peace, development
    September 27, 2023
    Arab League chief urges more funding, investment for food security
    Arab League chief urges more funding, investment for food security
    September 27, 2023
    Egypt denounces Houthi attack on Bahraini forces in Saudi Arabia
    Egypt denounces Houthi attack on Bahraini forces in Saudi Arabia
    September 27, 2023
    vPalestine urges international action to end Israeli occupation, crimes
    Palestine urges international action to end Israeli occupation, crimes
    September 26, 2023
  • Interviews
    InterviewsShow More
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    September 18, 2023
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    September 14, 2023
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    September 12, 2023
    India welcomes Egypt's BRICS membership: Boosting trade, investment, and access to strategic commodities
    India welcomes Egypt’s BRICS membership: Boosting trade, investment, and access to strategic commodities
    September 11, 2023
    The box office is not a measure of success: Basma Hassan
    The box office is not a measure of success: Basma
    September 6, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Egypt’s urban expansion plan targets to reach 12% of country’s area
Share
Notification
Latest News
Genetically engineering associations between plants and nitrogen-fixing microbes could lessen dependence on synthetic fertilizer
Genetically engineering associations between plants and nitrogen-fixing microbes could lessen dependence on synthetic fertilizer
Science
Earthworms contribute to 6.5% of global grain production, says new research
Earthworms contribute to 6.5% of global grain production, says new research
Science
Researchers build and test a framework for achieving climate resilience across diverse fisheries
Researchers build and test a framework for achieving climate resilience across diverse fisheries
Science
Egypt to issue new bonds for climate, social goals
Egypt to issue new bonds for climate, social goals
Business
Saudi Public Investment Fund eyes stake in Palm Hills Development
Saudi Public Investment Fund eyes stake in Palm Hills Development
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Egypt’s urban expansion plan targets to reach 12% of country’s area
Business

Egypt’s urban expansion plan targets to reach 12% of country’s area

Shaimaa Al-Aees
Last updated: 2019/02/13 at 11:18 PM
By Shaimaa Al-Aees 4 Min Read
Share
SHARE

Egypt’s urban expansion plan targets to reach 12% of the country’s area as well as the development of all cities, Khaled Abbas, deputy minister of housing for national projects, said.

During a Seminar organised by the Egyptian Businessmen’s Association (EBA) on Wednesday, Abbas added that there is a high demand for development projects in New Cairo, however the Upper Egypt cities have not yet considered by investors.

“We are selling several plots of land in the new cities with areas of 50 feddan, but they are not enough for urban development transformation, therefore, there must be a kind of awareness among investors to develop new cities in Upper Egypt” Abbas said.

“We have wonderful cities in Upper Egypt, such as New Aswan, which was equipped with all required services. Moreover, we do not negotiate over the price of land in Upper Egypt, because the infrastructure’s costs are high.”

“In all new cities, the government targets all social segments unlike the past. The Housing Ministry also offers excellent residential projects for low, middle, and upper middle-income segments,” Abbas elaborated.

As for the updates of the new real estate developers’ union law, Abbas noted that the ministry is working hard on the new law and other integrated laws under the president’s instruction to speed up issuing process of laws and regulations regulating the real estate market. Therefore, a committee inside the Ministry of Housing was formed including representatives from all stakeholders to draft the real estate developers’ union law, as was the case for the Egyptian Federation for Construction and Building Contractors.

Abbas noted that Egypt’s current presidency of the African Union will stimulate the exports of the construction sector to Africa, adding that the ministry seeks to provide export incentives to support the sector.

Commenting on limiting the Central Bank of Egypt’s (CBE) mortgage initiative to low-income people, Abbas clarified that the initiative was not suspended but the money allocated for the initiative had already been disbursed, however, the ministry is studying other alternatives to support the middle-income segment.

He revealed that the state allocated about EGP 1bn to support mortgage interest rates, which represent a great burden on the state, saying, “It was unlogic to provide mortgage to a unit that costs EGP 2m, so the state will provide mortgage only for people who are in real need for housing and categorised as low-income people.”

For his part, Hussein Sabbour, chairperson of Al Ahly Real Estate Development Company, criticised the state’s interference in the market as developers.

Abbas denied that the state competes with real estate developers as the government works in the market with the same mechanism of the private sector, however, there is still a gap between the demand and supply in all segments, pointing out that Egypt’s population will increase by 9 million people in 2022.

Hisham Shokry, chairperson of Rooya Group, negated that there is a bubble in real estate market, however, he explained that the deceleration in market’s sales was due to the increase in units’ prices in the light of the decline in purchasing power of customers although there is a huge demand on properties in Egypt.

You Might Also Like

Egypt to issue new bonds for climate, social goals

Saudi Public Investment Fund eyes stake in Palm Hills Development

UNDP, MBRF launch online learning initiative for Arab countries

Egypt Post invests in Roaderz platform to enhance e-commerce, delivery services

GAFI to grant 45 more golden licences to boost investment

TAGGED: EBA, Egyptian Businessmen’s Association, urban expansion
Share this Article
Facebook Twitter Email Print
Previous Article Galina-Agrofreeze eyes sales of EGP 400m in 2019
Next Article ITIDA, Valeo sign EGP 21m agreement to boost implementation of AI, digitisation in Egypt
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Genetically engineering associations between plants and nitrogen-fixing microbes could lessen dependence on synthetic fertilizer
Genetically engineering associations between plants and nitrogen-fixing microbes could lessen dependence on synthetic fertilizer
Science
Earthworms contribute to 6.5% of global grain production, says new research
Earthworms contribute to 6.5% of global grain production, says new research
Science
Researchers build and test a framework for achieving climate resilience across diverse fisheries
Researchers build and test a framework for achieving climate resilience across diverse fisheries
Science
Egypt to issue new bonds for climate, social goals
Egypt to issue new bonds for climate, social goals
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?